Macy's will furlough the majority of its 130,000 employees starting this week, as all its stores remain dark amid the coronavirus pandemic
FILE PHOTO: A shuttered Macy's store and empty parking lot are seen at the closed Palisades Center shopping mall during the coronavirus outbreak in West Nyack, New York, U.S., March 20, 2020. REUTERS/Mike Segar/File Photo
Like many retailers, Macy’s has already said it would suspend quarterly dividend and withdrew its 2020 sales and profit forecasts in response to the uncertainty and financial hit from the store closures. "We've already taken measures to maintain financial flexibility ... While these actions have helped, it is not enough," the company said in a statementMacy’s earlier this month said it would borrow $1.5 billion from a revolving credit facility to brace for the impact from the pandemic, which has killed 34,000 people across the globe.
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