Macy's Inc has hired investment bank Lazard Ltd to explore options for bolstering its finances after the department store operator lost most of ...
NEW YORK: Macy's Inc has hired investment bank Lazard Ltd to explore options for bolstering its finances after the department store operator lost most of its revenue as it shut down all its stores as a result of the coronavirus outbreak, people familiar with the matter said.
Macy's has asked its advisers to help manage its liabilities and explore options that could include new financing, the sources said, adding that no debt restructuring is imminent.Advertisement A Kirkland spokeswoman did not immediately respond to a request for comment. A Lazard spokeswoman declined to comment.
Macy's decision to explore new financing, among other options, makes it the latest US retailer to do so. The 161-year-old department store operator closed all of its 775 department stores last month in response to the pandemic. That made its e-commerce operations its only source of revenue; e-commerce accounted for about 25 per cent of its roughly US$25 billion in sales in the 12 months ending Feb 1.
Macy's became a US household name over the decades, known for its Thanksgiving Day Parade in New York City and its flagship Herald Square store, which stretches over an entire block in the heart of Manhattan.
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