Thursday, May 21, 2020

Macy's warns of up to $1 billion quarterly loss due to lockdowns

Reuters
Macy’s Inc said on Thursday it could rack up operating losses of up to $1.11 billion in the first quarter, as the department store operator was forced to shut stores due to lockdowns aimed at curbing the spread of the new coronavirus.

The health crisis has forced brick-and-mortar retailers to tap credit lines, lay off employees and suspend dividends and buybacks in a bid to stay afloat amid store closures. . . . more

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