Home / Knowledge / News / Press Release / Macy's suffers Covid-19 impact; Store closure extended

Macy's suffers Covid-19 impact; Store closure extended

01
Apr '20
Pic: Macy
Pic: Macy's
Macy’s, a premier omni-channel fashion retailer, has announced that Covid-19 outbreak continues to take a heavy toll on its business. Macy’s has closed all its stores since March 18 and will remain closed until they have clear line of sight on when it is safe to reopen. While digital business remains open, Macy’s has lost the majority of sales.
 
The company has already taken measures to maintain financial flexibility, including suspending the dividend, drawing down its line of credit, freezing both hiring and spending, stopping capital spend, reducing receipts, cancelling some orders and extending payment terms, and the company is evaluating all other financing options.
 
Across Macy’s, Bloomingdales, and Bluemercury brands, they will be reportedly moving to the absolute minimum workforce needed to maintain basic operations. This means the majority of their colleagues will go on furlough beginning this week. There will be fewer furloughs in its digital business, supporting distribution centers and call centers so Macy’s can continue to serve its customers online. At least through May, furloughed colleagues who are enrolled in health benefits will continue to receive coverage with the company covering 100 per cent of the premium. Macy’s expect to bring colleagues back on a staggered basis as business resumes.

Fibre2Fashion News Desk (JL)


Must ReadView All

Pic: Shutterstock

Textiles | On 2nd Mar 2021

China plans mega transport network to boost trade, economy

China plans to build a global rapid logistics circle for goods by...

Pic: Shutterstock

Retail | On 2nd Mar 2021

US retail sales projected to exceed $4.33 trillion in 2021:

The National Retail Federation has projected that US retail sales...

Pic: Shutterstock

Apparel/Garments | On 2nd Mar 2021

Garment, hard goods exports in Philippines may hit $2 bn:

Exports of garments and hard goods in the Philippines may reach $2...

Interviews View All

Vasanth Kumar, Max Fashion India

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Dharmendra Shah, Ozone PB Spintex Limited

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Tina Antoniades,

Tina Antoniades

India-headquartered Lulu & Sky is a rapidly escalating brand with the...

Martina Giorgetti,

Martina Giorgetti

Italy-based Cibitex is a manufacturer of textile finishing machinery,...

Cong Zheng,

Cong Zheng

The China Textile Machinery Association (CTMA) is a social-economic...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Daniel Roxbury, University of Rhode Island

Daniel Roxbury
University of Rhode Island

Assistant professor Daniel Roxbury and former URI graduate student...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Aneeth Arora, Péro

Aneeth Arora
Péro

The Woolmark Company has partnered with handmade fashion label Péro and...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search