On Sunday, the 12th of April 2020, Macy’s Inc., the Cincinnati, Ohio-based 162-year-old departmental store chain hired the Bermuda-based world’s largest independent investment Bank, Lazard ltd. in a bid to ramp up its finances after the United States’ one of the largest omni-channel fashion retailer having a fiscal sale of $24.6 billion last year had lost a lion-share of its revenue this year, as the pandemic-led forced lockdown measures had shut down all of its stores, sources familiar with the deal had unveiled on condition of anonymity as the sources were not authorized to speak over the issue on public.
As a matte of fact, latest strident push from Macy’s Inc. to offset the impacts of a nationwide forced lockdown amid a recession-hit US economy, had been underscoring the struggles the conventional brick and mortar stores were facing off as the nationwide store closures had led to a steep stagnation in sales and had resulted in furloughing of a majority of its employees.
Amid such a complete chaos in the US brick-and-mortar retailing industry, Macy’s had brought in the Lazard bankers, who according to the sources had been specialized in securing capitals for the financially troubled enterprises, while two other sources were also quoted saying that the Macy’s had appointed debt restructuring lawyers at Kirkland & Ellis LLP, pointing towards the grievous debt conditions of the long-cherished US fashion brand.
Meanwhile, adding that the company had appointed wide-ranging advisors to raise new capitals, but no debt restructuring was imminent, a spokeswoman for Macy’s said in a statement on Sunday (April 12th), “The company is exploring numerous options to strengthen our capital structure. ”