The department store chain is bracing for a challenging holiday period as Covid-19 cases surge across the US.
From Macy's to Target, many businesses in the US are grappling with higher expenses related to e-commerce.
The department store chain reported net sales fell to $3.02 billion in its first quarter following plans to layoff a further 3,900 employees.
The department store chain reported preliminary adjusted net loss of $630 million compared to a profit of $137 million a year earlier.
The department store chain said it will resume operations in states with relaxed lockdown measures and has set out a preliminary timeline for opening up the rest of its retail locations.
The department store chain is closing 125 stores and opening a new small-format store concept. Analysts say pivoting away from struggling malls is a smart move.
The department store surged after reporting sales improvements, saying that its strategic turnaround plan is on track to deliver 'long-term profit growth.'
From the battle for Manhattan to the battle for survival, Neiman Marcus, Saks Fifth Avenue, Nordstrom and others may look radically different by the end of the year.
In a bid to thwart off-price competitors and refresh the store experience, Jeff Gennette is focused on removing pain points and friction while tapping into the magic of radiated sales.
The department store chain reported a surprise rise in quarterly same-store sales, topping estimates for the third straight quarter.
BoF can exclusively reveal that Macy’s, Inc is buying concept store Story. Founder Rachel Shechtman will join the American department store chain as its first brand experience officer.
Jeff Gennette, who has been CEO of the US retailer since March, was widely expected to become chairman as part of a succession plan announced in June last year.