US retail giant Macy’s has put on hold its recently launched ‘Polaris’ turnaround plans!
And it hasn’t come as a surprise considering the extent to which the retailer’s business has been affected owing to the rapid spread of Coronavirus.
While mentioning that Macy’s will go without compensation, Jeff Gennette, Chief Executive Officer at Macy’s, reportedly stated that the retailer plans to reduce pay for all Management Director levels and above.
This, he said, will be effective starting 1 April 2020 and will continue till the Coronavirus pandemic lasts.
Besides, the retailer also announced the following:
Suspend its quarterly dividend
Defer capital expenditure
Draw down credit facility
Freeze hiring and spending
Reduce receipts as well as extend terms for payment of all goods and services.
In February, the retailer had announced ‘Polaris’ strategy to necessarily overhaul its best-performing full-line stores in addition to abandoning lesser malls in favour of community-style shopping centres for several other locations.