FILE PHOTO: A shuttered Macy’s store and empty parking lot are seen at the closed Palisades Center shopping mall during the coronavirus outbreak in West Nyack, New York, U.S., March 20, 2020. REUTERS/Mike Segar
(Reuters) – Macy’s Inc (M.N) said on Monday it raised a total of $4.5 billion, including $3.15 billion in asset-based credit, as the department store chain tries to navigate through the fallout from the COVID-19 pandemic.
The company said it expects to have sufficient liquidity to fund operations, purchase new inventory as stores reopen and repay upcoming debts in fiscal 2020 and 2021.
The raised funding includes a previously announced $1.3 billion of bond offering.
Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli
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source: reuters.com