New York (CNN Business) Macy's is furloughing a majority of its 125,000 employees because of the ongoing coronavirus pandemic, which has sunk sales and forced it close to its stores.

Macy's M The company said Monday that the pandemic has taken a "heavy toll" on its business., which also owns Bloomingdale's and Bluemercury, closed all of its 775 stores in the United States earlier this month to slow the virus from spreading in crowded areas, and because of laws in some states that forced the closure of nonessential businesses, including retailers.

Macy's painted a bleak picture of its already perilous financial situation. The company said that it has lost a "majority" of sales because of the brick-and-mortar closures and has implemented other changes to bolster its bottom line, including drawing down its credit line and freezing hiring and spending.

"While these actions have helped, it is not enough," the company bluntly said. Macy's is "moving to the absolute minimum workforce needed to maintain basic operations." That is resulting in furloughs for a "majority" of its employees beginning this week. Affected workers will still get the company-funded health care for at least through May.

Macy's CEO Jeff Gennette and the company's board of directors will stop receiving their salaries, according to a regulatory filing.

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