Macy’s to furlough ‘majority’ of workers

Macy

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Macy's has more than $5 billion of working capital tied up in inventory.

Retail giant Macy’s said it will furlough a “majority” of employees as companies continue to navigate how to operate during the coronavirus pandemic.

In a statement Monday, Macy’s said “the majority of our colleagues” will go on furlough starting this week. As of its 2019 fourth quarter, Macy’s had 125,000 employees and 775 stores nationwide.

“While the digital business remains open, we have lost the majority of our sales due to the store closures,” said Macy’s in its statement.

Macy’s closed all stores nationwide on March 18, joining other retailers in shutting down physical locations to curb the spread of the coronavirus outbreak.

Macy’s says¬†furloughed workers enrolled in health benefits will continue to receive coverage at least through May.¬†

Follow Brett Molina on Twitter: @brettmolina23.



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