Kohl's will furlough about 85,000 employees, Macy's furloughs majority as retailers cope with significant sales losses
Publishing timestamp: 2020-03-30 15:00:47
Summary
Macy's and Kohl's are furloughing employees and taking various financial measures to cope with significant sales losses during the coronavirus pandemic. Both retailers have closed all their stores and are struggling to stay afloat amidst the crisis. Macy's has suspended its dividend, drawn down its line of credit, and frozen hiring, while Kohl's has decreased capital expenditures and drawn down its credit facility. Both companies are facing financial challenges and uncertainty about when they will be able to reopen their stores.
Sentiment: NEGATIVE
Keywords: apparel retail, nordstrom inc, business news, macy's inc, old copper company inc, kohls corp drn, retail industry,