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Macy’s Takes $3.1 Billion Charge, Pins Hopes on Gradual Recovery

  • Department-store chain has reopened nearly all locations
  • ‘We do not anticipate another full shutdown,’ chief says
Updated on

Macy’s Inc. recorded a $3.1 billion charge in the first quarter as the pandemic ravaged retail, even as sales have since started to show signs of recovery.

The department-store chain’s business has tracked ahead of expectations in the two months since the quarter ended. The company said it continues to expect a “gradual sales recovery.”