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Macy’s to furlough majority of its 130,000 workers

Is Macy's in serious trouble?
Posted at 12:16 PM, Mar 30, 2020
and last updated 2020-03-30 12:16:28-04

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.

Online operations won’t be hit as hard.

Employees who are enrolled in health benefits will continue to receive coverage with the company covering 100% of the premium.

“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 cancelled orders. Macy’s is now evaluating all financing options.