The company said it will keep “the absolute minimum workforce” for basic operations, with a focus on its digital business, distribution centers and call centers. Furloughed employees will continue to receive health insurance at least through May. Macy’s said it expects to bring back employees “on a staggered basis as business resumes.”
Macy’s, which is based in New York, said it has taken massive steps to stem the financial fallout in recent weeks. It has canceled orders, implemented hiring and spending freezes and suspended payouts of its dividend.
The retailer was already on shaky ground before the coronavirus outbreak. In February, it announced it would close 125 stores — about a fifth of its total — and lay off about 2,000 workers after a disappointing holiday season.
From the tourism to retail to white collar jobs, workers nationwide are facing an unprecedented wave of layoffs and furloughs as entire industries come to a virtual standstill. Last week, Labor Department data revealed a record 3.3 million Americans who had applied for unemployment benefits the week before. And economists say more than 40 million Americans could lose their jobs by mid-April.
President Trump on Sunday extended social distancing guidance through April 30 and backed off his earlier hopes that the country would be “opened up” by Easter, adding that U.S. deaths from the outbreak will likely peak in two weeks. Just before Trump’s comments, the nation’s top infectious diseases experts, Anthony S. Fauci and the White House’s coronavirus response coordinator, Deborah Birx, told Trump that the country could see up to 200,000 coronavirus-related deaths.
As the pandemic wreaks economic havoc on the country and the world, the federal government is about to send checks or direct deposits to most Americans. As part of bipartisan legislation ushered through Congress and signed by Trump, the government’s coronavirus stimulus would provide $1,200 payments to adults with annual incomes up to $75,000, plus an additional $500 per child. For most people, the boost will likely arrive in April via direct deposit.
https://news.google.com/__i/rss/rd/articles/CBMiT2h0dHBzOi8vd3d3Lndhc2hpbmd0b25wb3N0LmNvbS9idXNpbmVzcy8yMDIwLzAzLzMwL21hY3lzLWZ1cmxvdWdocy1jb3JvbmF2aXJ1cy_SAV5odHRwczovL3d3dy53YXNoaW5ndG9ucG9zdC5jb20vYnVzaW5lc3MvMjAyMC8wMy8zMC9tYWN5cy1mdXJsb3VnaHMtY29yb25hdmlydXMvP291dHB1dFR5cGU9YW1w?oc=5
2020-03-30 16:25:11Z
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