Macy’s Inc. reported a staggering $3.58 billion quarterly loss yesterday as coronavirus-related store shutdowns resulted in a $3 billion impairment charge, Reuters reported. “While our stores are reopened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year,” Macy’s chief executive, Jeff Gennette, said in a statement, adding that the department store operator does not expect another total shutdown of stores. Macy’s, which also owns Bloomingdale’s, said net sales for the fiscal first quarter ended May 2 nearly halved to $3.02 billion. Macy’s, which on June 25 said that it would lay off about 3,900 employees in corporate and management positions in a bid to save cash, did not provide an updated outlook. In response to the market changes, Macy’s has invested heavily in improving its digital business and personalized marketing, clearing out unsold inventory and offering services like curbside pickup.
