Macy’s reportedly has said it will stop paying tens of thousands of employees who were thrown out of work when the chain closed its stores because of the coronavirus pandemic.
Per THR, the majority of its 130,000 employees, including stock people and sales clerks, will still collect health benefits, but the company said that it is transitioning to an “absolute minimum workforce” needed to maintain basic operations.
The retailer has lost the bulk of its sales due to temporarily closing of all 500 of its stores starting March 18.
The move has been described as the most dramatic sign that even big-name retailers are seeing their business evaporate and that the $2 trillion rescue package passed by Congress and signed by President Donald Trump last week may have come too late for some.
We can’t wait to see how this pans out.