Macy’s (NYSE:M) furlough 2020 news will have the company reducing costs as it deals with the coronavirus from China.
The Macy’s furlough 2020 will see the company cut hours for most of its employees as it plans to remain closed through May. However, the company will still keep some employees on to make sure that its online business can continue operations.
Macy’s currently has roughly 130,000 employees and most of them will be affected by the furlough news. That includes its employees working at Bloomingdales, and Bluemercury stores.
Here’s what a new release says about the Macy’s furlough 2020 plans.
“Our top priority is the health and safety of our customers, colleagues and communities during this unprecedented crisis. All of our stores have been closed since March 18th and will remain closed until we have clear line of sight on when it is safe to reopen.”
While Macy’s employees are likely unhappy about the furlough news, there are some positive notes. That includes the company promising to continue offering health benefits to its employees. It also notes that it will be covering 100% of premiums for its employees with health benefits.
Macy’s furloughs 2020 means that there will be some changes for employees, but it’s not the same as being laid off. Readers can check out this article to learn what the difference is between the two.
M stock was down 7.64% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.