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

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FILE- This May 2, 2017, file photo shows corporate signage at Macy’s flagship store in New York. Macy’s is lowering its annual earnings guidance after the department store struggled through the second quarter and was forced to mark down prices. The department store said Wednesday, Aug. 14, 2019, a combination of factors including a fashion miss, slow sell-through of warm weather fashions and the accelerated decline in tourism caused rising inventory levels. (AP Photo/Bebeto Matthews, File)

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.

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