Retailer Co. Macy will Furlough the Major of its Employees

Due to the lockdown of Coronavirus, where all industries have given work from home and chat to their employees, yet many big companies were not following it.

Macy, a very big company in the retail industry, is also calling its employees to work, due to the pressure of everyone, it has also furlough 125,000 employees.

Due to the coronavirus pandemic effect, their cell also has a huge impact. Macy gave furlough to her employee saying that “the majority of our colleagues.”

According to the report of 2019, Macy has 775 stores across the country, in which about 125000 people are working.

Macy said in his statement that “while the digital business remains open, we have lost the majority of our sales due to the store closures.”

Macy said that all its employees will continue to have medical and other facilities till the time of furlough.

Their work will continue to work through Macy’s website and they will continue to reach them by taking orders from their employee customers. Macy used to get a fifth part of its revenue through the online platform.

Macy’s CEO Jeff Gennette and the company’s board of directors have stopped taking their salaries to make up for some of the losses the company may have suffered.

Macy stated that “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. “

The US Labor Department has stated that 3.3 million people have fallen victim to unemployment due to the coronavirus pandemic condition.