Warren Buffett’s See’s Candies Furloughs Retail Workers

(Bloomberg) -- Warren Buffett’s See’s Candies, which closed stores across the country to help contain the coronavirus, is now furloughing its retail workers.

The candy maker, which has more than 240 retail locations in the U.S., will provide health benefits for eligible employees until the end of May, the company said Wednesday in a statement. See’s, which Buffett’s Berkshire Hathaway Inc. purchased in 1972, said it’s been paying employees for all scheduled hours over the past two weeks even as it was closing stores in areas such as California.

See’s employed a total of 2,488 workers at the end of 2019, according to Berkshire’s annual report, although it’s unclear how many of those are affected by the furloughs.

Employers across the country, including J.C. Penney Co. and Macy’s Inc., have furloughed workers in response to plummeting consumer spending, with cities throughout the U.S. telling people to stay at home and ordering businesses closed to stem the spread of the highly contagious virus. A record 3.28 million people filed for unemployment insurance in the week ended March 21, a figure that could be surpassed when new data is released Thursday.

Buffett’s Berkshire, which has footholds in industries from insurance to energy, also owns scores of retailers, including jewelers, a party-supply company and a network of auto dealerships.

“Closing our retail shops has taken a big toll at a critical time for See’s,” Chief Executive Officer Pat Egan said in the statement. “This decision was wrenching, but not being able to sell our product led us to this point.”

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