CNBC Television Macy’s CEO: We will survive this, 68 stores to open May 4
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CNBC’s Courtrney Reagan reports on her conversation with Macy’s CEO Jeffrey Gennette about the outlook for the department store operator amid the coronavirus pandemic.
Macy’s is planning to reopen 68 stores Monday in states including South Carolina and Georgia, where coronavirus restrictions are easing.
It expects to have all of its roughly 775 stores reopened in six weeks, should Covid-19 infection rates taper off and local governments allow retailers to proceed, a spokeswoman confirmed to CNBC.
A second wave of about 50 stores is scheduled to reopen May 11. Macy’s, which also owns Bloomingdale’s and Bluemercury, said it has been offering curbside pickup at about 20 Macy’s locations for the past week in a bid to drive some sales.
The 68 Macy’s stores will be operating on reduced hours, from 11 a.m. to 7 p.m. About a quarter of them are in Simon Property Group’s malls. CNBC first reported 49 of Simon’s malls and outlet centers are set to reopen as soon as this Friday.
Macy’s will take precautions, including enforcing social distancing, to try to make workers and customers feel safe.
Workers will be asked to take their temperatures before they come in and will have to wear masks in stores.
Only a few fitting rooms will be open. Any items tried on by customers will be held for 24 hours before going back to racks. Returned items will also be held for 24 hours.
All of Macy’s stores have been shut since March 18.
CNBC previously reported that the retailer was weighing raising as much as $5 billion in debt to weather the coronavirus crisis. It had been looking to use some of its real estate and inventory as collateral. It has been strained for liquidity with its sales falling off a cliff due to the widespread store closures.
Macy’s on March 20 said it had fully drawn its $1.5 billion revolving credit facility. It also furloughed the majority of its 130,000 workers.
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