Macy’s, Kohl’s, Gap & More To Furlough Thousands Of Employees
Due to the mounting economic distress brought on by the coronavirus crisis, Macy’s, Kohl’s, Gap, and many more plan to furlough thousands of its employees.
Despite the incoming $2 trillion federal stimulus package, which plans to help big companies, most are cutting its payrolls as revenue, shares and stocks fall, like Macy’s who says, “While these actions have helped, it is not enough.”
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In addition to Macy’s, who’s furloughing the majority of its nearly 130,000 employees, Kohl’s will cut about 85,000, and Gap, nearly 80,000. These actions are also rippling to DSW Designer Shoe Warehouse; L Brands, whose umbrella includes Victoria’s Secret and Bath and Body Works; and more.
Additionally, Macy’s CEO Jeff Gennette stated that the company is “moving to the absolute minimum workforce needed to maintain basic operations.” Adding, affected workers will still continue to receive company-funded health care at least through May.
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While it’s still unclear as to when retailers will be permitted to open again, Gennette says, “We expect to bring colleagues back on a staggered basis as business resumes.”