The economy is in the midst of a rocky time right now due to the COVID-19 pandemic. Many businesses around the world are having to shut their doors and layoff employees. Hobby Lobby is the latest retailer to join the list.

Effective Friday, April 3 at 8:00 p.m., the company says that it will close the remainder of its stores, and furlough nearly all store employees and a large portion of corporate and distribution employees.

The stores will remain closed until further notice, and employees have been encouraged to file unemployment claims with their state unemployment commissions.

"We know our customers relied on us to provide essential products, including materials to make personal protective equipment, such as face masks, educational supplies for the countless parents who are now educating their children from home, and the thousands of small arts and crafts businesses who rely on us for supplies to make their products," the company said in a statement. "Over the past several weeks, we implemented several best practices to provide a safer shopping environment, including the installation of physical barriers between customers and cashiers, enhanced cleaning, and the enforcement of social distancing measures."

Hobby Lobby says that it is prepared to reopen its stores in a responsible way when the current situation improves.