NEW: Macy's Thanksgiving Day Parade Going Virtual This Year Due to Coronavirus

NEW: Macy's Thanksgiving Day Parade Going Virtual This Year Due to Coronavirus

New York City Mayor Bill de Blasio announced Monday this year's Macy's Thanksgiving Day Parade will be held -- virtually.

"It will not be the same parade we're used to," de Blasio said, according to NBC New York . "[Macy's is] reinventing the event for this moment in history. And you will be able to feel the spirit and the joy of that day." 

Audiences will be able to watch the event online and on TV. 

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De Blasio said Macy's will release additional details about the event later Monday.

Macy's -- The Store

Macy's was already facing significant retail pressure -- before Coronavirus. 

As GoLocal reported in February: 

Macy’s, Inc. announced Tuesday afternoon massive cuts and more store closings. The plan is deemed by the company as “an updated strategy and three-year plan designed to stabilize profitability and position the company for growth.”

The 125 store closings will take place over the next 3 years. In addition, the company announced cutting 2,000 corporate jobs.