Macy's is furloughing a majority of its 125,000 employees because of the ongoing coronavirus pandemic, which has sunk sales and forced it close to its stores.
The company said Monday that the pandemic has taken a"heavy toll" on its business. Macy's , which also owns Bloomingdale's and Bluemercury, closed all of its 775 stores in the United States earlier this month to slow the virus from spreading in crowded areas, and because of laws in some states that forced the closure of nonessential businesses, including retailers. Macy's painted a bleak picture of its already perilous financial situation.
Macy's CEO Jeff Gennette and the company's board of directors will stop receiving their salaries, according to a regulatory filing.Read MoreMacy's websites remain open for orders. The company will furlough fewer workers at its digital operations and distribution and call centers, Macy's said, but online sales make up just a fifth of Macy's overall revenue."We expect to bring colleagues back on a staggered basis as business resumes," the company said.
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