Department store chain Macy’s is looking to raise up to $5 billion in debt financing with Bank of America is leading the transaction, Reuters reported. The financing package could comprise cash flow and asset-based components including debt secured by real estate assets. The new financing may also encompass a refinancing of Macy’s existing debt. The move comes as retailers have been forced to shutter their stores on government orders as consumers remain indoors and avoid large public gatherings to limit the spread of the coronavirus. All of Macy’s stores, including the Bloomingdales, and Bluemercury brands, have been closed since March 18, according to a company press release. Though the retailer has lost the majority of its sales due to the closures, it said the stores will remain shuttered until it is safe to reopen.
