Macy’s Posts Over $3 Billion in Losses, Doesn’t Expect Another Shutdown

A firetruck drives down 34th street past a closed Macy’s and Herald Square as streets remain less busy due to the continuing outbreak of the COVID-19 in New York City, on May 5, 2020. Lucas Jackson/Reuters

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.

The global 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.