Macy's to furlough most employees

In an effort to curtail the financial hit they are taking over coronavirus, Macy's. Inc will be furloughing most of its 130,000 person workforce. The news was reported by Reuters. The company has temporarily shut down all of its department store chains in the wake of coronavirus.

Macy's has already suspended its quarterly dividend and lowered its forecast for this quarter in the wake of millions expected to be lost in sales. New York City, which is home to their legendary Herald Square flagship store, is expected to continue with social distancing measures until April 30, at which point the government will reassess the path forward for businesses reopening and how to handle the economic fallout from coronavirus.

Macy's online channels are still up and running, but with millions of Americans filing for unemployment or seeing reduced salaries, online shopping isn't at the top of anyone's priority list. Macy's already plans on borrowing 1.5 billion dollars in revolving credit to brace for the impact from the pandemic.

photo: via Macy's Newsroom