Macy's on Monday afternoon announced it has closed on roughly $4.5 billion in new financing, including a previously announced $1.3 billion of debt, to help it weather the coronavirus pandemic.
Macy's says it has raised roughly $4.5 billion in new financing to help it weather the coronavirus pandemic.
A view outside Macy's Herald Square during the coronavirus pandemic on May 13, 2020 in New York City.said Monday it has raised roughly $4.5 billion in new financing to help it weather the coronavirus pandemic. The latest financing agreement will mature in May 2024, and includes a short-term facility of $300 million that matures later this year in December, the company said. Through the agreement, the company can request increases in the facility of up to an additional $750 million.
The funding raise comes as all of Macy's stores had been shut since mid-March because of the pandemic, and are now beginning to reopen in phases across the U.S. Most of its New York City locations began offering curbside pickup on Monday. But a few, including its flagship Herald Square shop and Bloomingdale's 59th Street, will open later this week.
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