Macy's suffers Covid-19 impact; Store closure extended

Macy’s, a premier omni-channel fashion retailer, has announced that Covid-19 outbreak continues to take a heavy toll on its business. Macy’s has closed all its stores since March 18 and will remain closed until they have clear line of sight on when it is safe to reopen. While digital business remains open, Macy’s has lost the majority of sales.

 

Macy's, a premier omni-channel fashion retailer, has announced that Covid-19 outbreak continues to take a heavy toll on its business. Macy's has closed all its stores since March 18 and will remain closed until they have clear line of sight on when it is safe to reopen. While digital business remains open, Macy's has lost the majority of sales.#

The company has already taken measures to maintain financial flexibility, including suspending the dividend, drawing down its line of credit, freezing both hiring and spending, stopping capital spend, reducing receipts, cancelling some orders and extending payment terms, and the company is evaluating all other financing options.

 

Macy's, a premier omni-channel fashion retailer, has announced that Covid-19 outbreak continues to take a heavy toll on its business. Macy's has closed all its stores since March 18 and will remain closed until they have clear line of sight on when it is safe to reopen. While digital business remains open, Macy's has lost the majority of sales.#

Across Macy’s, Bloomingdales, and Bluemercury brands, they will be reportedly moving to the absolute minimum workforce needed to maintain basic operations. This means the majority of their colleagues will go on furlough beginning this week. There will be fewer furloughs in its digital business, supporting distribution centers and call centers so Macy’s can continue to serve its customers online. At least through May, furloughed colleagues who are enrolled in health benefits will continue to receive coverage with the company covering 100 per cent of the premium. Macy’s expect to bring colleagues back on a staggered basis as business resumes.