Macy’s, Kohl’s, Gap to furlough majority of their workers
Posted 4/21/20
Macy’s, Kohl’s and Gap Inc. all said they will stop paying tens of thousands of employees who were thrown out of work when the chains temporarily closed their stores and sales collapsed …
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Macy’s, Kohl’s, Gap to furlough majority of their workers
Posted
Macy’s, Kohl’s and Gap Inc. all said they will stop paying tens of thousands of employees who were thrown out of work when the chains temporarily closed their stores and sales collapsed as a result of the pandemic.
Analysts expect more furloughs to come as retailers scramble to pay their employees from fast-dwindling cash reserves. Labor is the single biggest monthly fixed cost for retailers, according to investment research firm Cowen & Co.
More than 190,000 stores, including J.C. Penney and Neiman Marcus, have temporarily closed, accounting for nearly 50% of the U.S. retail square footage, according to Saunders. Discounters, grocers and wholesale clubs that sell essential items like groceries remain open, although they have their own challenges of keeping up with shoppers who continue to stockpile canned goods, paper towels and other staples.
