Macy’s to Report $1 Billion in Losses

Macy’s (New York) warns it could report operating losses of up to $1.11 billion in the first quarter, due to store closures during the coronavirus pandemic, according to Reuters.

“We anticipate that our sales recovery will be gradual and that for a period of time, we will be a smaller company,” Chief Executive Jeff Gennette told investors on an earnings call.

Macy’s closed all 775 of its stores on March 18 and has been working with investment bank Lazard Ltd. to explore options.