Macy’s updates the market in regard to Covid-19
All of the company' stores have been closed since the 18th of March and will remain closed until it is safe to reopen. Company announces that majority of workers will go on furlough beginning this week
Macy’s digital business remains open, but given the store closures, there has been a huge impact on sales. "We’ve already taken measures to maintain financial flexibility, including suspending the dividend, drawing down our line of credit, freezing both hiring and spending, stopping capital spend, reducing receipts, cancelling some orders and extending payment terms, and we are evaluating all other financing options", Macy's announced.
The company also announced that across Macy’s, Bloomingdales, and Bluemercury brands, it will be moving to the absolute minimum workforce needed to maintain basic operations. This means the majority of workers will go on furlough beginning this week. There will be fewer furloughs in the digital business, supporting distribution centres and call centres.
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