By now JG email has been seen by everyone. It’s totally scary. When you look at the economy you’ll see that it’s not just Macys, it’s everyone. Macy’s is doing whatever it can to survive. This is going to be the rock bottom of the economy. I say turn on fulfillment and let’s get this ball rolling.
24 replies (most recent on top)
Macys won’t dead. 150 years!!! Come on. But it is time to think about your career.
Macy's was dead (did not know it). Now it is stinking ...
Macy's was falling down well before this virus hit., Just look at the comments by shoppers who were dissatisfied. Just look at your store and see the shorthanded staff attempting to make it every day like it was do or die.
Once the virus issue has resolved it will take months if not years to gain the traffic and level of spending that once was. Look at how many now are in panic mode because they did not save for a rainy day. These people, most, will start to put cash away in safe areas to insulate themselves from these types of economic down turns.
Now just wait for the housing market crash. That is on the edge right now - and that will create issues like those in the 2008-9 downturn. Too much mortgage payment and not enough income = foreclosures. No job = no way to pay= major monetary issues, even with banks saying they will forego payments don;t think for a moment that people will be given a free ride. They will have to pay in some form or another. When the housing market crashes it will take years to recover.
Just look at how we recovered in 2008-9, it was slow but steady recovery.
Companies will be slow to hire to ensure their business is healthy,.
Also where is this money coming from in the government's actions - there will be printing of money - this will cause inflation.
A lot of factors here in this issue when we recover, we will, but no one has a crystal ball to see the exact path or actions. So be positive, be prepared, for there are better times ahead, but we must walk through the fire first then recover.
Hang in there - get your resume polished up and look for opportunities.
As devastating as the virus is companies that were strong before and have great leadership will come back even stronger. Companies with lousy trend and lousy leadership will not. It will be painful but stockholders will demand change and the name Macy's has great value, great employees and deserves to be managed by great leaders.
Never did I say they would not come in cause of the name Macy’s. People will be leery coming out in crowds for a while. Get a grip that is reality. Concerts are cancelled all summer for a reason. It will take by end of summer or longer to get back to slower traffic from none. That is a fact. So keep on watching for 2 years mr M maybe M should start selling groceries
I agree with the post @1bpt+149hMmUI
Yes as soon as the virus passes (which it will, eventually) people will return into the stores little by little. Yes it may take a while for people to venture out in public AT ALL, it has nothing to do with distrust in the Macy's name. Trust me, up until the last second that the stores shut down, THERE WAS STILL PEOPLE SHOPPING HERE AND THERE!
I have followed this board for over 2 years. I only have made a few replies since a majority of what is on here I believe is from former employees trolling. That is fine, I get it. Misery loves company.
The comment made in a recent reply “It will take customer a long long time to trust coming back in store” has to be the most asinine remark I have ever seen here. M did not cause this disaster that is affecting the majority of consumers on the planet. While M has had problems lingering for years saying trust will need to be earned for customers to return shows just how out of touch with the big picture of what has happened globally.
In a few weeks things will turn and the doors will slowly reopen and people will be spending money once again. M will suffer the same losses as many other businesses and yes, be in a weaker position than some for ever recovering. It will be a huge struggle but at least M will have a chance. There will be many companies in the travel and entertainment and don’t forget dining part of the economy that you may never see again. They have no chance at surviving and some may not even be reopening. They will be gone and it will have nothing to do with “customers taking a long long time to trust” returning.
Basically. My assessment of 2.5 years left I’ll put it down to 1.5 years max left for M. The bail out will only be a temporary relief. It will take customer a long long time to trust coming back in store.
Dear colleagues,
I love this company and our incredible people. And I look forward to the day when this crisis is behind us and we can resume our normal lives. However, today’s painful reality is that COVID-19 is taking a heavy toll on our company, and I want to share an important update on the state of the business.
Our digital business and call centers remain open, and I want to thank our colleagues who are working to keep these parts of the business operating. We’ve taken steps to enhance safety in these facilities including staggered schedules, reduction in the number of colleagues in common areas by adjusting breaks and meal hours, and enhanced and more frequent cleaning including hard and heavily trafficked surfaces. And we have taken a ‘no questions, no penalties’ approach to missed shifts for those who choose not to work.
Our stores have been closed since March 17. While we originally hoped to reopen our stores on April 1, that is now highly unlikely. We have no way of knowing how long our stores will remain closed, but we believe it will be at least several weeks before we have a clear line of sight.
Our business model relies heavily on free cash flow. Having lost the majority of our sales with the store closures, we must take unusual measures to conserve cash throughout this crisis. We’ve taken a number of actions to improve our position – suspending the dividend, drawing down our line of credit, freezing both hiring and spending, deferring capital spend, reducing receipts, extending our payment terms, and evaluating all other financing options.
We’ve also taken a number of actions related to compensation in order to lower our cost base.
Directors and above will be taking a reduction in pay effective April 1, 2020 through the duration of this crisis. We will email the details of these changes to impacted colleagues this morning. I will receive no compensation. The Board of Directors will not receive any cash compensation.
We are also deferring payment of the 2019 short term incentives (bonus) and deferring the 2020 merit increases that were scheduled for May. And we are deferring our 401K match until November 2020.
We have been working directly and through our retail associations to push for government Relief to access funds that will improve our position and support our colleagues. As I send this, the government is in the midst of passing a COVID-19 Relief bill. We will need to work through it to assess if and when we will have access to federal funds.
Even with government support, we may need to take additional actions that will directly impact our great colleagues. This would be our last resort. If we do require furloughs or layoffs, it will be in order to ensure the survival of our company. I am committed to being transparent on any decisions we make and will share updates with you as we assess the Relief bill and next steps.
We are resilient. I know we will get through this, as a country and a company. And I look forward to the day we can re-open our stores and welcome our customers back.
In the meantime, my wish is for everyone’s health and safety while we continue to navigate this crisis together.
With respect,
POST THE EMAIL!
Can someone just post the email!!!!
Whats the point of making this thread if yore not going to atleast paraphrase what was said?
work email. why send it there when were all home jeff .
Not every one that works at Macy's has a corporate email. You should know that. It wasn't sent to my home email.
Someone should post it and show the world how they treat their employees. Why be secretive and cover for them
When was the email sent and does it go to our home emails we have on Insite or only our work emails? (I can't see my work email from home thank God or they'd expect me to check it).
If you didn't receive the email, you either don't work for Macy's and are trolling, or you never added your email address in In site.
Ya know I wanted out. But. I wanted a good way out. Like being lay-off. So I think it might happen!
can someone post the email - I think it only went to managers
Hello?? What JG email???
Our industry (Macy's, Nordstrom, Neiman, JCP...) was already in decline before covid-19. We are not like Amazon, Walmart, Target, Costco that carry a wide range of essentials. Only option for luxury retail survival is bankruptcy. While it will help to get rid of debt and shareholders, no investor or mutual fund will want to take a chance with our weak industry. Neiman already filed for bankruptcy. Macy's to follow soon. Layoffs and store closures very possible. Sad.
Can someone post the email?
Morningstar just said they were concerned about Macys because of their debt load. JG is NOT a wartime CEO.
Agreed! Layoffs are coming and permanent store closings as well. Macys will accelerate the migration to .com. I think those neighborhood stores will close next month.
It’s all about the cash.