Macy's Can Fix Its Balance Sheet Quickly
Shares of Macy's (NYSE: M) plunged earlier this year as investors panicked about a potential cash crunch. The iconic department store operator wound up reporting a $630 million adjusted net loss for the first quarter of fiscal 2020, due to the impact of the COVID-19 pandemic.
Macy's ultimately landed a $4.5 billion financing package in early June to shore up its liquidity. Moreover, the company has trimmed its losses faster than expected over the course of 2020. The widespread rollout of COVID-19 vaccines next year will help the business continue to recover. That should enable Macy's to repair its balance sheet within a few years.
Image source: Macy's.
Source Fool.com
