The retail sector has been among the hardest hit by the economic effects of the health crisis, with J Crew, J.C. Penney and Neiman Marcus Group filing for bankruptcy in May. Macy’s reported nearly $1 billion in operating losses in its first quarter. “We do not see a return to normalized trends until well into 2021 and possibly not until 2022,” interim Chief Financial Officer Felicia Williams said in an interview with Cowen analyst Oliver Chen. As part of the Macy’s efforts to turn into a “smaller company” and cut costs, Williams said it was evaluating all its …read more
Source:: Yahoo Finance
