Retail’s downgrades on Wall Street have begun. 🔐
After Macy’s was booted off the S&P 500 Wednesday morning and downgraded to a negative outlook, the credit watchdog Fitch Ratings took a number of fashion’s key players down a notch as well.
The credit agency added that the downturn in discretionary consumer spending will likely extend into 2021. To compensate, many retailers have begun furloughing employees for the foreseeable future. Macy’s furloughed roughly 125,000 employees in 775 stores nationwide. Kohl’s said it will temporarily furlough in-store, distribution center and office associates, some 129,000 employees. J.C. Penney said it would begin furloughing the majority of its hourly associates and some corporate staff on Thursday.
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