Macy’s raises $4.5 Billion - enough to call back furloughed employees or not?

Macy’s Inc said on Monday it raised a total of $4.5 billion, including $3.15 billion in new borrowings against its real estate assets, as the department store chain tries to navigate through the fallout from the COVID-19 pandemic.

Shares of the company, which also owns Bloomingdale’s, surged about 11% after the bell.

“The high quality of our real estate portfolio positioned us well to execute this offering,” Chief Executive Officer Jeff Gennette said in a statement.

Gennette said the funding gives the retailer sufficient flexibility and liquidity to steer the business for the foreseeable future.

The company said it would be able to purchase new inventory as stores reopen and repay upcoming debts in fiscal 2020 and 2021.

Like other retailers, Macy’s has been severely impacted from store closures due to the coronavirus health crisis that forced governments to announce lockdowns to curb the spread of the infection.

The raised funding includes a previously announced $1.3 billion in bond offering.

The funds from the offering and existing cash will be used to repay outstanding borrowings under an existing $1.5 billion unsecured credit agreement. The retailer said it has amended the $1.5 billion credit agreement to reduce the available credit commitment and modify the agreement’s covenants.

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We don't have the sales to bring back more people right now.

Its actually more of an advertising expense but there are some sponsors for both events. The parade and the fireworks are part of the reason people still care about the company. Those events separate macys from other retailers. Macys needs to advertise in order to stay relevant this is a form of that.

Macy’s fireworks are not mostly sponsored.
Macy’s pays in upwards of 10 million dollars for that “spectacular “.

Fireworks and parade are mostly sponsored events

No that money will be used for the 4th of July fireworks in NYC

total retail sales in the U.S. to fall more than 10% in 2020 and that they won't bounce back to pre-Covid-19 levels until 2022. Meantime, eMarketer is calling for e-commerce sales to surge 18% this year.

It expects all categories within retail except for food and beverage, and health and beauty, to see sales decline due to the pandemic.

"This is the sharpest consumer spending freeze in decades in the US," said eMarketer senior analyst Cindy Liu.

Let’s start with weeding out useless managers who just act like they are working but just wander around the store like a restaurant hostess.

https://www.nytimes.com/reuters/2020/06/08/business/08reuters-health-coronavirus-macy-s.html

Macy's has every right to weed out those workers that don't produce.
It's about time!!!
Employees leaving the floor without telling anyone and hanging out in the break room when they should be working.
Enough is enough!!!
Good Luck MACY'S!!!
You have a lot of dedicated colleagues pulling for you.

With the additional funding you would think the company has a clearer picture around the finances and have a good idea of when they will call back employees. But, they will likely milk the expanded unemployment until July 31 and not communicate with their valued colleagues for a while. Unfortunately, many will likely be let go and could have been told earlier before they exhaust much of their unemployment benefits.

Thread regarding Macy's Inc. layoffs

Macy’s raises $4.5 Billion - enough to call back furloughed employees or not?

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