Macy's Inc has hired investment bank Lazard Ltd to explore options for bolstering its finances after the department store operator lost most of its revenue as it shut down all its stores as a result of the coronavirus outbreak, people familiar with the matter said.
) to explore options for bolstering its finances after the department store operator lost most of its revenue as it shut down all its stores as a result of the coronavirus outbreak, people familiar with the matter said.
Macy’s has called in Lazard bankers who specialize in finding ways to recapitalize financially troubled companies and rework debts, the sources said. Macy’s has also enlisted debt restructuring lawyers at Kirkland & Ellis LLP, two of the sources said. A Kirkland spokeswoman did not immediately respond to a request for comment. A Lazard spokeswoman declined to comment.
Macy’s was already in the midst of slashing costs before the coronavirus outbreak, with plans to permanently close 125 stores over the next three years and cut more than 2,000 jobs. Those were in addition to the more than 100 store closures and thousands of job cuts it has rolled out since 2015.
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