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Macy’s Damage Is Limited, but Looting Deals a Symbolic Blow

  • June 02, 2020

Macy’s, which employs about 123,000 people nationwide, has seen its sales plummet as a result of the coronavirus pandemic and has been racing to reopen stores as quickly as it can. Macy’s had reopened 330 stores as of last week, with more than 100 others offering curbside pickup.

“As it relates to reopening, the civil unrest does complicate timing, but we’re taking it day by day,” Blair Rosenberg, a spokeswoman for Macy’s, said in a statement.

The retailer reported preliminary first-quarter net sales of roughly $3 billion last month, a 45 percent drop from last year, and an operating loss of as much as $1.1 billion. The company has delayed its formal first-quarter earnings to July 1 because of the disruptions from the pandemic.

The pandemic has dimmed the outlook for department stores more broadly, which are generally still hinged to physical locations and largely reliant on malls. Since March, J.C. Penney and the Neiman Marcus Group have filed for bankruptcy, Lord Taylor has dismissed its entire executive team and even Nordstrom, which is considered the healthiest chain in the sector, has said it would close 16 of its 116 full-line stores.

Article source: https://www.nytimes.com/2020/06/02/business/macys-herald-square-protests.html

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