(CNBC) -- Macy’s said the majority of its employees will be furloughed beginning this week as it copes with significant sales losses during the coronavirus pandemic.
The retailer declined to say how many employees will be affected by the furloughs. It said it’s lost most of its sales, even as it remains open online, and that’s why cost cuts are necessary.
Macy’s is one of dozens of retailers that have been forced to close stores to slow the spread of the coronavirus in the U.S. All of its stores have been closed since March 18, and it has not decided when it will be safe to reopen.
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