by Wolf Richter
Wolf Street
Its unsecured bonds crashed 53% since Feb 14. It has been living off its real estate portfolio of “owned boxes” for years by selling them.
Macy’s, the largest surviving department store in the US, and still clinging by its fingernails to the last rung of the top 10 ecommerce retailers in the US, down from 7th place in 2019, may never reopen many of its stores that it hadn’t already decided to shutter before the crisis.
In 2019, 26% of its $24.5 billion in sales were online sales, up from 23% a year earlier, according to its 10-K filing with the SEC. In the second quarter (February through April), as all its stores were closed on March 18, the percentage of digital sales to total sales will surge. But it won’t be enough.