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US retailers to furloughs employees as virus crisis deepens

Major U.S. retailers Macy's Inc , Kohl's Corp and Gao plan to furlough tens of thousands of employees, as they prepare to keep stores shut for longer to curb the spread of COVID-19.

Kohl's would also suspend its share repurchase program, evaluate its dividend plan and draw down $1 billion from an existing credit line, joining a growing list of companies seeking to shore up their cash reserves to weather the financial hit from the health crisis.

Macy's and Gap have suspended their dividends and have also tapped into their credit facilities. Kohl's furloughed employees would continue to get health benefits. Macy's specified that employees enrolled in health benefits will continue to receive coverage, at least through May.

Macy's would maintain the "absolute minimum" workforce needed to maintain basic operations across its Macy's, Bloomingdales and Bluemercury brands. The retailer would have fewer furloughs in its digital business, supporting distribution centers and call centers, while Kohl's would start buy online and pick up-at-store services later this week.

 
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