Macy’s said it would furlough most of its employees since all of their stores are closed because of COVID-19. According to Reuters, the company has around 130,000 employees and was forced to shut down more than 800 stores. To offset the impact on sales, the company drew down all its available credit and froze hiring and spending. Other stores like Nordstrom and Gap inc. followed suit to cope with the financial strain of the coronavirus. The number of Americans filing for unemployment benefits surges to a record of more than 3 million.
