We were down as it is, having to close all the stores seems like the final nail in the coffin to me. I think a lot of businesses will not recover after the coronovirus crisis is over, especially in retail.
I'd like to think I'll still have a job when all of this is over, but I doubt it more and more each day.
Jeff G already stated, neighborhood stores will be closing, as part of the 3 year plan. This shut down will simply speed up the process. There is no normal going to happen for the big M.
This hope will not materialize :
"The silver lining for Macy's (and retailers like it) is that the COVID-19 pandemic appears likely to peak this spring or summer. Things may not go back to normal by Thanksgiving, but they will be a lot closer to normal than today. In other words, while Macy's is likely to post a big loss in the first half of fiscal 2020, investors can still hope for a solid Q4 profit to offset first-half losses."
No Macy's will not be able to recover – by 2021 July it will be acquired and shut down.