BREAKING: Macy’s will furlough the majority of its roughly 130,000 employees as sales evaporate

[tacobell fan]

Macy’s Inc. M -1.27% will furlough the majority of its employees beginning this week as sales have evaporated while its stores remain closed due to the coronavirus.

 

The company, which employs roughly 130,000 people, told staff on Monday that it would continue to pay health benefits and cover 100% of premiums at least through May. It will keep on some staffers to support its ecommerce, distribution and call centers.

All of Macy’s stores have been closed since March 18, and although the department store chain has continued to sell online, it has lost most of its sales, the company said.

[JambaKrantu]

Macys full timers paristhithi enti.. I know a couple of guys who are Macys FT on H1B. Also there a lot of TCS guys that work with Macys on H1Bs..

[perugu_vada]

1 minute ago, JambaKrantu said:

Macys full timers paristhithi enti.. I know a couple of guys who are Macys FT on H1B. Also there a lot of TCS guys that work with Macys on H1Bs..

i think e pay cut store lo work chesey vaalla ki emo mostly .. 

[VictoryTDP]

Just now, perugu_vada said:

i think e pay cut store lo work chesey vaalla ki emo mostly .. 

Vuncle company Assam train ekkinatte jnka

[tacobell fan]

March 30, 2020-- The COVID-19 outbreak continues to take a heavy toll on Macy’s, Inc. business. Our top priority is the health and safety of our customers, colleagues and communities during this unprecedented crisis. All of our stores have been closed since March 18th and will remain closed until we have clear line of sight on when it is safe to reopen.

While the digital business remains open, we have lost the majority of our sales due to the store closures. We’ve already taken measures to maintain financial flexibility, including suspending the dividend, drawing down our line of credit, freezing both hiring and spending, stopping capital spend, reducing receipts, cancelling some orders and extending payment terms, and we are evaluating all other financing options.

While these actions have helped, it is not enough. Across Macy’s, Bloomingdales, and Bluemercury brands, we will be moving to the absolute minimum workforce needed to maintain basic operations. This means the majority of our colleagues will go on furlough beginning this week. There will be fewer furloughs in our digital business, supporting distribution centers and call centers so we can continue to serve our customers online. At least through May, furloughed colleagues who are enrolled in health benefits will continue to receive coverage with the company covering 100% of the premium. We expect to bring colleagues back on a staggered basis as business resumes.

[perugu_vada]

1 minute ago, VictoryTDP said:

Vuncle company Assam train ekkinatte jnka

adhi telisindhe le .. 

[perugu_vada]

Macy’s Inc. has about 4.5 months of available cash and Kohl’s has five months, putting them at risk from extended closures, according to calculations from Cowen analysts.

Macy’s said last week that it drew down all of its $1.5 billion in credit. 

Kohl’s KSS, -0.513% has closed more than 1,100 stores

Nordstrom said this week that it would extend store closures at least a week to April 5 with store employees receiving pay. A portion of employees will be furloughed for six weeks starting April 5.

https://www.marketwatch.com/story/macys-kohls-have-about-5-months-of-cash-available-putting-them-at-risk-from-extended-closures-analysts-say-2020-03-27

[FLraja]

Contractors out, visa batch 1 mnth time

[tacobell fan]

7 minutes ago, FLraja said:

Contractors out, visa batch 1 mnth time

[r2d2]

Expected

[pittagoda]

22 minutes ago, JambaKrantu said:

Macys full timers paristhithi enti.. I know a couple of guys who are Macys FT on H1B. Also there a lot of TCS guys that work with Macys on H1Bs..

They will file Bankruptcy by end of this year

[JambaKrantu]

21 minutes ago, FLraja said:

Contractors out, visa batch 1 mnth time

Confirmed bro?