(Reuters) – J. C. Penney Co Inc (JCP.N) said on Tuesday it would furlough a majority of its hourly staff and salaried associates next month, the latest U.S. retailer looking to weather the financial strain from store closures due to the coronavirus pandemic.

Furloughed employees will continue to receive full health benefits and many are eligible to receive state unemployment benefits, the company said, adding it would extend store closures until it was safe to reopen.

Macy’s (M.N), Kohl’s (KSS.N), Gap (GPS.N) and other retailers have taken similar actions amid lockdowns imposed to curb the rapidly spreading outbreak, which has so far infected more than 163,000 and caused over 3,000 deaths in the United States.

Many of the Penney’s workers in supply chain and logistics centers were previously furloughed on March 20, and those furloughs will continue, the company said.

The company employed about 90,000 full-time and part-time employees as of Feb.1, according to its latest annual filing.

Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

For-profit firm seeking to run .org names makes concessions

LOS ANGELES — A private equity firm seeking to buy rights to operate the internet’s .org suffix said Friday it will cap price hikes and create an advisory board with veto powers to ease concerns from the nonprofit community. Ethos…

Work restarts, supply chain efforts rejuvenate foreign trade in March

China’s imports and exports improved in March on the back of better-than-expected industrial output recovery and sustained efforts to stabilize the global supply chain, the Ministry of Commerce said on Thursday. Work resumption progress of the foreign trade companies has…

China’s auto market rebounds in April

Retail growth in China’s auto market rose to -5.6 percent in April, the second high in the past 20 months — a decent performance showing the market is in recovery, according to the China Passenger Car Association on Monday. CPCA…

Big-ticket fund set up for SOEs in China

$30.6b earmarked for mixed-ownership reform, cutting-edge technology China launched a 200 billion yuan ($30.6 billion) fund in Shanghai on Tuesday to facilitate mixed-ownership reform and cutting-edge technology innovation at its State-owned enterprises, according to the country’s top State assets regulator.…