Posted on 03/31/2020 12:36:05 AM PDT by L.A.Justice
NEW YORK -- Macy's, Kohl's and Gap Inc. all said Monday they will stop paying tens of thousands of employees who were thrown out of work when the chains temporarily closed their stores and sales collapsed as a result of the pandemic.
Macy's said the majority of its 125,000 employees will be furloughed this week and that it is transitioning to an "absolute minimum workforce" needed to maintain basic operations. Macy's said it has lost the bulk of its sales due to the temporarily closing of more than 600 stores starting March 18.
(Excerpt) Read more at abcnews.go.com ...
No way...Look at what these companies had to do...Economy is being destroyed...
These companies are still paying for employee health insurance at this time...But, I am sure that they will stop paying if this shutdown just drags on...
whats a couple of million jobs mean anyway?....
So with unemployment added to the $600 enhancement for four months these people who normally probably make 4 or 5 hundred a week will be getting twice that. If the virus is under control in a month will they opt to return to work?
The real disruption should be obvious as some of these retail/restaurant chains have started announcing that they won’t be paying rent to their commercial landlords while they’re closed.
[ Macy’s, Kohl’s, Gap to furlough majority of their workers ]
*We live in interesting times
I was furloughed today because of this. Currently one month off, paid health - no pay. We shall see what happens. Praying for all my colleagues.
I’m willing to bet all of them are now discussing which locations will not reopen or open and immediately liquidate that location. The longer this drags on the less likely they will have jobs to return to.
Companies like Macy’s have been closing stores for years now, I believe this will accelerate that trend.
A co-worker was gleefully anticipating her gubmint check - while we are paid for working remotely. When I said I hoped they focused any stimulus on people that lost their income, she said I must not need the money. It was lost on her that while I could certainly use the money, I understood that others needed it more (through no fault of their own). She does work (kind of), but is still a complete gibsmedat.
You might say their business models are elderly and they suffer from underlying financial health conditions.
The economy is being destroyed on purpose. Corona virus is just the excuse.
Since all other efforts have failed, including impeachment, this is the next step in the coup.
I would suggest that if we are still in a locked-down mode in July...you can bet that one-third of all commercial buildings will be shut-down and closed for the remainder of 2020, and probably going through most of 2021.
There are key mechanism of the economy which will suggest problems. For example....most toys for the Christmas period, are made in China. If production is 50-percent...go imagine what options you have for kids in November/December.
Go imagine movie studios and their production schedule, and the crowds that may or may not show up for the summer period. Why release a blockbuster in June, if only one-third of theaters are open?
Go look at Vegas and the casino effect in July and August.
My editor has already informed me that my book which was slated for a June release...is being pushed back into late August. And every manuscript deadline has been hit...
It’s a book! Not a movie, toy, or essential.
Yes, the epidemic is causing some hardships. Imagine what the economic environment would be like, if global business interests and services (oligarchs) could more severely punish people for talking about it.
https://en.wikipedia.org/wiki/2019%E2%80%9320_coronavirus_pandemic#Epidemiology
United States
Cases 164,406
Deaths 3,172
Recoveries 5,945
HOW COVID-19 KILLS—I’m a Surgeon—And Why We Can’t Save You
[Dated the 23rd and well worth watching.]
https://www.youtube.com/watch?v=4J0d59dd-qM
How Coronavirus Kills: Acute Respiratory Distress Syndrome (ARDS) & COVID-19 Treatment
[See how your treatment will be done—very interesting!]
https://www.youtube.com/watch?v=okg7uq_HrhQ
From their prospective (book publisher, either paper or digital)...they are concerned over customers having cash to spend on ‘extras’.
I would offer this observation. Around 2008, a bunch of folks suddenly had low cash flow, and one of the top twenty things hit....was magazine sales. Up until that point, most families had five or six magazines minimum...arriving monthly or weekly. Suddenly, everyone cut drastically, and subscription levels have never returned to the previous expectations.
These big stores have been on the ropes for years now with on line shopping competition. Many store, High overhead vs none. Excuse for these big stores to start shedding most of their weight
Example: in my neck of the woods khols split their store in half and rented one half to Aldi’s before the pandemic
Between the stupidity of this program and the even bigger stupidity of the idiot moron liberals, it’s enough to make you want to start the revolution now:
Liberal mantra: Trump wants to open things back up because he’s just trying to help his big friends on the stock market.
Government mantra: we have to keep people apart.
Reality: Clothing stores, book stores, CD & DVD shops, and just about every small business in the land is being killed. Meanwhile, walk into any Super Wal-Mart, Super Target and buy: clothing, books, DVDs, CDs, etc.
So who is trying to help the big guys and who is trying to help the little guys?
Believe me, when this is over only the big guys will be standing and the little guys will be gone. And you’ll know it’s true in the prices you’ll pay.
1/3 of small businesses will close, 1/3 on the edge and 1/3 will be ok.
Macey’s has been dying for years. The only thing they got going is the Macy’s parade.
People are ordering online and this was happening before any virus took hold. My husband worked for Sears, 30 years. There is no more Sears.
My niece rents space in a retirement home for her beauty salon. She got closed down, but of course.
They asked her for March rent.
She managed to rent a table from another beauty salon but she told her landlord of over ten years that since she’s making no money she can’t pay rent.
Landlord tells her lease stipulates she pays so much per month for rent. She’s crying all over the place.
Time for Aunt Pat (that would be me) to step in. I told landlord that the lease also says they must PROVIDE the space, which they’re not doing.
I said let this go over, my niece would very much like to come back, but we will have to discuss, obtain small business grants, work it out.
This virus is hastening a lot of changes that were happening.
We’re all improvising and not doing half damn bad I might add.
Small ‘specialty’ businesses will be OK (watch repair for example). But the ones that sell things the big guys also sell will get clobbered. And I'll still ask the same question: If a small store that ONLY sells Cd's and DVD's has to close, why are Wal-Mart and Target still allowed to sell them? Only food stores are allowed to be open. There's one heck of lot more than food being sold in the so called 'super stores.'
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