Macy's Slated To Lose $1.1 Billion In Its First Quarter

Macy's anticipates a loss of up to $1.1 billion in the first quarter, with sales expected to drop by over $2 billion compared to last year. Despite these figures, CEO Jeff Gannett remains optimistic, citing a $10 billion opportunity as other retailers face bankruptcy or closure. Pier One Imports is beginning liquidation, while JCPenney and Neiman Marcus have filed for bankruptcy. Macy's is considering additional store closures to stay afloat, having already planned to close 125 stores over three years.

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