Forget any bonuses for next 2 years. Also, brace for massive layoffs:
- Macy’s warned investors that the coronavirus outbreak, which has shuttered commerce across China and sent markets spiraling, could hit the department store chain, too. The virus could disrupt Macy’s operations in three ways, CEO and Chairman Jeff Gennette said on the company’s fourth-quarter earnings call, if it affects employees, international tourism and supply chain. “While still too early to estimate, we anticipate that there could be a small impact on first-quarter sales from international tourism,” he said. “With respect to the supply chain, we are working with our vendor partners to minimize any possible disruption.” —Feuer