Macy’s is one of the most popular department store chains in the USA. The company was founded by Rowland Hussey Macy in the year 1985. Since then, it has been running strong & has over 551 stores.
Coronavirus Pandemic has hard hit the sales & revenue of Macy’s. According to the Washington Post, the company is furloughing most its 125,000. We have lost the majority of our sales due to the store closures,” the company said in a statement.
The company said it will keep “the absolute minimum workforce” for streamlined operations, with a focus on its digital business, distribution centers and call centers. Furloughed employees will continue to receive health insurance at least through May. Macy’s said it expects to bring back employees “on a staggered basis as business resumes.”
Well, this decrease in sales has also affected the stock price of the company. Well, as of April 24, the price of Macy’s share is $5.02. Well, you can check all the relevant details related to today’s stock down below.
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