The Bluemercury sale effort marks a quick turn for Macy’s, which was already working on reinvention. 🔐
Speed and agility might be two of the key survival skills during the COVID-19 retail shutdown — but they also might not be enough if they’re not backed up by a big financial cushion.
While it’s not known exactly why Macy’s decided to take Bluemercury to market, the threat of the coronavirus was in the air and sources said the sale process continued after stores closed. Most dealmakers have spent the last month shoring up the businesses they already own and while they are starting to look to the future and envision an intense period of rapid-fire consolidation, most are waiting for the inevitable shakeout first to get a clearer look at the landscape.
A spokeswoman for the retailer said Wednesday: “Macy’s Inc. has taken multiple actions to improve our position and improve financial flexibility, including suspending our quarterly dividend, deferring capital spend, drawing on our credit facility, reducing pay at most levels of management and furloughing the majority of our colleagues. The company is also exploring numerous options to strengthen our capital structure.
Cowen analyst Oliver Chen recently estimated Macy’s had four months’ worth of liquidity and could trip covenants in its debt agreements if its earnings before interest, taxes, depreciation and amortization fall below $380 million in the first quarter.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Trend Alert: Color Block Makeup is Here to Brighten up Your LookBright makeup looks are nothing new in the world of beauty. Makeup artists have demonstrated us numerious ways on how
Consulte Mais informação »
Trump is threatening to block immigration over coronavirus. But immigrants are on the frontlines of the pandemicPresident Trump is threatening to impose new immigration restrictions over coronavirus. But these numbers show foreign-born workers are a large part of industries that are key to keeping the country afloat.
Consulte Mais informação »
Muslims worldwide adjust monthlong Ramadan plans due to coronavirus risksCoronavirus risks force changes to Ramadan for Muslims
Consulte Mais informação »
London Fashion Week Is Going Online-Only with a Gender-Neutral PlatformAs the coronavirus pandemic continues, the British Fashion Council has unveiled its new strategy.
Consulte Mais informação »
Don't Worry, Ansel Elgort Is Now Thirst Trapping For CharityThe actor has an interesting strategy to get people to donate to coronavirus relief.
Consulte Mais informação »