Macy’s Inc said on May 21 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 CCP virus.
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.
