As more school districts roll back their reopening plans to curb the spread of coronavirus, major retailers are aggressively discounting back-to-school items and airing new ads featuring students taking classes at home.
Macy’s Inc reported a staggering $3.58 billion loss on Wednesday for its coronavirus-hit first quarter as store shutdowns resulted in the department store chain recording a $3 billion impairment charge.
Macy’s Inc said on Thursday it would lay off about 3,900 employees in corporate and management positions as U.S. businesses try to save cash in the face of dwindling demand caused by the COVID-19 pandemic.
Macy’s Inc warned on Tuesday its business was not likely to return to normal until late next year, even as it saw better-than-expected sales from stores reopening after lockdowns were lifted across the United States.
Macy’s said on Monday it raised a total of $4.5 billion, including $3.15 billion in new borrowings against its real estate assets, as the retailer tries to navigate through the fallout from the Covid-19 pandemic.
Macy's Inc said on Tuesday it planned to raise $1.1 billion (£893.36 million) in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.