Macy's

Temporary store closures during the pandemic hammered nonessential retailers, including Kohl's, T.J. Maxx and Victoria's Secret. Shoppers also dramatically cut back on buying clothes.

Citing the pandemic's "heavy toll" on its business, Macy's says it's furloughing the majority of its employees. Its stores have been closed since March 18 and there's no sign when they will reopen.

The cuts and closures are part of the Macy's attempt to stabilize its finances and rethink its future. It's also trying out smaller stores outside of malls