Macy's Inc (M.N)
20 Jan 2017
Latest Key Developments (Source: Significant Developments)
Macy's Inc's Jeff Gennette - going to focus on our stores at a greater level than we have over the past year"
Local 1-S Macy's Workers union and Macys reach tentative agreement on new 4 year contract - Facebook Post
Moody's On Macy's: Moody's revises Macy's rating outlook to negative, affirms baa2 senior unsecured rating .Revision of rating outlook reflects continued weakness in apparel demand within department store increases risk of returning credit metrics. Full Article
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Macy's Inc:Expects comparable sales on an owned plus licensed basis to decline by about 1 percent in FY 2016, with comparable sales on an owned basis to be about 50 basis points lower.Says total sales are expected to be down by about 2 percent in FY 2016, reflecting the 40 stores closed in FY 2015.Earnings of $3.80 to $3.90 per diluted share are expected in FY 2016. Full Article
Macy's Inc:Says measures that will reduce sg&a expense by approximately $400 million.Says consolidating the grouping of existing macy's stores into five Regions and 47 local districts.Says reducing an additional 600 positions in back-office organizations.Company today listed 40 macy's store closings.Of the 40, 36 will be closed in early spring 2016.Approximately $200 million of charges, of which about $165 million is expected to be cash, are expected to be booked in Q4 of 2015.Average of 3 to 4 positions to be affected in macy's and bloomingdale's about 770 going-forward stores, for 3,000 affected associates nationwide.Approximately 35 percent of executive positions granted voluntary separation opportunity, will not be replaced. Full Article
Macy's Inc - Consumer Product Safety Commission Macy's recalls Martha Stewart stainless steel cookware
Macy's Inc:Macy's recalls Martha Stewart stainless steel cookware; injury Hazard with frying pans.U.S. consumer product safety commission says Macys recalling about 121,000 stainless steel cookware sets. Full Article
Macys Inc:Says the pricing of the public offering of $500 million aggregate principal amount of senior notes due 2021 by its wholly owned subsidiary, Macy's Retail Holdings, Inc.Says the senior notes were issued at a price of 99.899% of par and will bear interest at a rate of 3.450% per annum.Says the senior notes will be fully and unconditionally guaranteed on a senior unsecured basis by Macy's, Inc.Says the transaction is expected to close, subject to customary closing conditions, on or about December 10, 2015.Macy's Retail Holdings will use the net proceeds for general corporate purposes. Full Article
CHICAGO U.S. department store chains, hit by slowing sales for more than two years, have used layoffs, store closings and cutbacks to maintain one aspect of stability: profit margins.