Macy's (NYSE:M) has become the latest retailer to close its brick-and-mortar stores due to coronavirus. The closures, which run from the close of business today through March 31 will include all Macy's, Bloomingdale's, Bluemercury, Macy's Backstage, Bloomingdale's the Outlet, and Market by Macy's stores, according to a press release.
Why is Macy's doing this?
"The health and safety of our customers, colleagues, and communities is our utmost priority," said CEO Jeff Gennette in a press release. "We will work with government and health officials to assess when we will reopen our stores and safely bring our colleagues back to work."
Macy's will still be open for business online. Macys.com, bloomingdales.com, and bluemercury.com will all remain in operation, as will the company's apps.
However, the company's statement was a bit unclear on what happens the workers who work in its stores.
"Macy's, Inc. will provide benefits and compensation to its impacted workforce," the press release said.
Providing "benefits and compensation" does not make it clear if workers will receive wages for all hours not worked.
This is the right move
Any nonessential retailer should consider closing at least for now. Macy's sells very little that you would need to get through the current crisis. That means it makes sense to protect is employees and customers by keeping its stores closed until we know more about the spread of coronavirus.
Ideally, these closures will only last a few weeks. It remains too early to tell, however, if that will prove to be true and, for now, any reopening date shared by any company is really just wishful thinking.