Macy’s Inc. announced it is freezing both hiring and spending, as well as reducing pay for all levels of management director level and above, effective April 1 and lasting for the duration of the coronavirus crisis.
Jeff Gennette, chairman and CEO, will not receive compensation during this period.
The company, which is reducing receipts and extending the terms for payment of all goods and services in response to the coronavirus is also “working both directly and through our retail associations to assess any government relief bill and advocate for Macy’s Inc. and the industry,” it said in a press release.
Macy’s previously announced that it has taken several actions to improve its position and financial flexibility including suspending its quarterly dividend, deferring capital spend and drawing down its credit facility.
Photo courtesy Macy’s