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Macy's Inc. closing all stores through March 31 due to Covid 19 outbreak

Workers to get 'benefits and compensation'
Macy’s has comforters that usually cost more than $100 on sale for $20
Posted at 3:25 PM, Mar 17, 2020
and last updated 2020-03-17 15:25:25-04

Macy's Inc. joined Nordstrom, Foot Locker and dozens of mall-based retailers in announcing temporary closures due the COVID-19 outbreak. The company will close all stores by close of business Tuesday and remain closed through March 31.

“The health and safety of our customers, colleagues and communities is our utmost priority," CEO Jeffrey Gennette said in a news release. "We will work with government and health officials to assess when we will reopen our stores and safely bring our colleagues back to work."

The company said impacted employees will receive "benefits and compensation" during the closure. Macy's will continue to process online and mobile orders.

Macy's has about 3,000 local employees in five retail locations and office hubs in downtown, Springdale and Mason. The company recently announced the closure of its Cincinnati headquarters location.

Its stock has taken a beating along with other retailers in the last two weeks as investors weigh the impact of the global pandemic on consumer spending. Macy's stock traded at $6.48 Tuesday, down about 60% year to date.

More than 50 other retailers have announced temporary closures or reduced store hours in the last two weeks, including Tiffany & Co., American Eagle Outfitters, DSW and NIke.