NEW YORK (AP) – Macy’s is furloughing a majority of its 130,000 workers beginning this week as its sales have collapsed because of the pandemic. The company says that it will be moving to an ‘’absolute minimum workforce” needed to maintain basic operations. It says there will be fewer furloughs in its online operations.
The company says at least through May, furloughed colleagues who are enrolled in health benefits will continue to receive coverage with the company covering 100% of the premium.
NEW YORK (AP) — Macy’s will furlough a majority of its 130,000 workers with its stores dark.
The company on Monday said it is transitioning to an ‘’absolute minimum workforce” needed to maintain basic operations.
“We expect to bring colleagues back on a staggered basis as business resumes,” the company said.
Macy’s closed all of its stores this month, more than 500, as the coronavirus spread.
To survive, it has suspended its dividend, drawn down its line of credit, frozen hiring and spending, and canceled orders. Macy’s is now evaluating all financing options.