The CEO of Macy's told employees he will not be receiving any compensation amid the coronavirus crisis.
In an email to employees, CEO Jeff Gennette said that the company must take "unusual measures to conserve cash throughout the crisis."
Directors and more senior workers will also see a reduction in pay from April 1.
The reduction on pay will continue throughout the pandemic.
The stock market has been hammered since the crisis.
The crisis has forced millions of workers to stay home, causing them to lose income and benefits.