Macy's, Kohl's and Gap are furloughing most of their workers

Macy’s Inc., Kohl’s Corp. and Gap Inc. all said Monday that they will stop paying hundreds of thousands of employees who were thrown out of work when the retail chains temporarily closed their stores and sales collapsed as a result of the coronavirus pandemic.

A Gap spokesman said the furloughs affect nearly 80,000 out of 129,000 employees across all the clothing company’s brands, including Banana Republic and Old Navy.The furloughs are bad news for an economy in which the retail industry supports one out of four workers. They are also perhaps the most dramatic sign that even big-name retailers are seeing business evaporate and that the $2-trillion rescue package passed by Congress and signed by President Trump last week may have limited effect.

More than 190,000 stores, including JCPenney and Neiman Marcus, have temporarily closed, accounting for nearly 50% of U.S. retail square footage, according to Saunders. Discounters, grocers and wholesale clubs that sell essential items such as groceries remain open — and are scrambling as they try to keep up with shoppers who continue to stockpile canned goods, paper towels and other staples.

The big question is how many of these furloughs will lead to permanent layoffs. Rent the Runway, a pioneer in fashion rental, confirmed Monday that it was laying off its retail staff and said it may not be able to reopen its stores that temporarily shut this month. Its online subscription service continues to operate.

Gosh... when we get thru this ... hire them back!! I’ll shop at Macys !!! I like Macys and their workers!! Macys !!! AP nytimes washingtonpost nytimes BBCWorld Suntimes BostonGlobe

I am a Chinese and the Chinese government's behavior is shameful. Now there are many people who have lost their loved ones because of this virus. I am very sorry for this. I have a lot of masks and other medical supplies here. If you need them, please contact me.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Coronavirus live updates: GAP, Kohl's, Macy's to furlough workersPolice and local officials in Italy stood at attention outside a hospital in Verona to show appreciate for medical workers battling COVID-19. Please help me and my grandma we are facing pains nd hungry everyday 🙏😭 Loved Verona. Praying for all of them. Hope to visit again one day. Are cops immune everywhere? Why aren’t they social distancing?
Source: ABC - 🏆 471. / 51 Read more »

Kohl's will furlough about 85,000 employees, Macy's furloughs majority as retailers cope with significant sales lossesMacy’s is furloughing the majority of its employees beginning this week, as it grapples with significant sales losses during the coronavirus crisis. CourtReagan has the details. CourtReagan I'll admit I don't know the details of the recent legislation, but wasn't there money for companies to keep their employees on the payroll. Is that what Macy's is doing? Or is that for small companies. CourtReagan Fed (your tax$) was propping up retail restaurants/group & now moving onto airlines/hotels. Ackman & smart money just rotated out of retail restaurants, as the dumb money will sell on the way down to test lows of 2008. Retail Armageddon?
Source: CNBC - 🏆 12. / 72 Read more »

Macy's to furlough most of its 130,000 employeesMacy's will be putting the majority of its 130,000 workers on furlough, company says. CORONA UPDATE.....NBC NEWS IS FAKE NEWS 2.......CORONA UPDATE .......DON'T LISTEN TO A THING YOU SEE OR HEAR FROM NBC NEWS........THIS JUST IN NBC GOES TO A HALLOWEEN PARTY DRESSED AS A NEWS NETWORK
Source: NBCNews - 🏆 10. / 86 Read more »

Macy's is furloughing most of its workers without pay - Business Insider'My top priority is having cash sufficiency in our company during the crisis,' CEO Jeff Gennette said in an email to Macy's staff on Monday. 'The Cincinnati-based retailer also disclosed its typical employee made $13,810 during the same period that ended Feb. 3. The company calculated Gennette made 806 times the median worker.' Furlows allow them to keep their Healthcare
Source: BusinessInsider - 🏆 729. / 51 Read more »

Macy’s Inc. Furloughing Most WorkersThe retailer continues to search for ways to maintain financial flexibility.
Source: wwd - 🏆 24. / 68 Read more »