February 22, 2021
US department-store group Macy’s is in talks with investors on a debt sale to help boost its liquidity, according to a report by Bloomberg.
Discussions are said to be in the early stages and plans could alter based on investor feedback.
The retailer is to report its fourth-quarter and full year 2020 earnings on Tuesday. The debt deal would not be implemented until after the earnings release, offering the group more time to establish the deal’s structure, its size and interest rate, notes the report.
In the third quarter (the three months ended October 31), Macy’s sales fell 23% year-over-year. Net loss came in at $91m, compared to a net profit of $2m in the same quarter the year prior.