Macy's is furloughing most of its workers without pay

• Macy's CEO Jeff Gennette informed staff on Monday that the company is furloughing the majority of its workforce as it deals with the impact of the coronavirus pandemic on its business.
• "My top priority is having cash sufficiency in our company during the crisis," he said. All of Macy's stores are currently closed.
• From this week, the company will be "moving to the minimum number of employees necessary to maintain basic business operations" at Macy's, Bloomingdale's, and Bluemercury, Gennette added.
• While affected employees will continue to be employed by the company, they will not be paid during this time.
• Macy's did not immediately return Business Insider's request for comment on the furloughs.
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Macy's CEO informed staff on Monday that the company is furloughing the majority of its employees without pay as it struggles to deal with the impacts of the coronavirus pandemic.

In an email sent out to all employees on Monday, CEO Jeff Gennette said that the company is anticipating that stores could stay closed until May and that when they do reopen, it is expecting a "slower, staggered ramp-up."

"My top priority is having cash sufficiency in our company during the crisis," he said.

While its digital business, distribution centers, and customer service will remain open, starting this week, the company will be "moving to the minimum number of employees necessary to maintain basic business operations" at Macy's, Bloomingdale's, and Bluemercury, he said, adding: "We will be placing the majority of our colleagues on furlough."

Affected workers will be employed by the company but will not be paid during this time. They will be called back to work on a staggered basis. They will, however, continue to receive health benefits.

Macy's did not immediately return Business Insider's request for comment on the furloughs.

The retailer is among those that have been forced to take action to cut costs as stores remain closed and sales at brick-and-mortar locations come to a grinding halt.

This story is developing.

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