Macy’s to layoff most of its 130,000 workers as stores in El Paso & across nation stay shut during virus crisis
NEW YORK, NY — Retail giant Macy's announced Monday that its stores, including the one at El Paso's Cielo Vista shopping mall, will remain dark and it will furlough most of its 130,000 employees due to the coronavirus.
The company said it is transitioning to an ‘’absolute minimum workforce" needed to maintain basic operations. Online operations won't be hit as hard.
In a statement released Monday morning, the company said employees 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,"the company said.
Macy's closed all of its stores, more than 500 including Cielo Vista, earlier this month as the coronavirus spread.
To survive, it has suspended its dividend, drawn down its line of credit, frozen hiring and spending, and cancelled orders. Macy's said it is now evaluating all financing options.
