Macy’s Inc. has retained the investment banking firm Lazard to help manage its liabilities and explore options that could include new financing, sources told Reuters. The sources added that no debt restructuring is imminent.
A Macy’s spokeswoman said in a statement that the company is “exploring numerous options to strengthen our capital structure,” adding that it maintains relationships with a range of advisers.
On March 30, Macy’s announced that its stores, which had been closed since March 18 due to the coronavirus, would remain closed until “we have a clear line of sight on when it is safe to reopen.” The company also announced that the “majority” of its employees will go on furlough beginning this week. On March 25, the department store giant said it was freezing both hiring and spending, reducing receipts, canceling some orders and extending the terms for payment of all goods and services.
Photo courtesy Lazard