While it is a fact that the best way to fight the COVID-19 pandemic is to stay at home which means that the burden on the healthcare system for every country around the world is minimized, it was also known that this would have a major economic impact.
Now, to no one’s surprise, we are seeing what damages the Coronavirus pandemic has already done to the world economy and we are not even close to ending this virus outbreak as yet. It is seen that even e-commerce firms are struggling to stay afloat during these times. Now imagine the troubles that other outside the e-commerce sector would face since they are closed due to lockdown while e-commerce businesses are not.
A new report reveals the first incident of a major e-commerce company reacting to the financial troubles they are facing because of COVID-19. We are talking about Macy’s which has reportedly hired a few bankers from Lazard who are specializing in finding out ways through which the financially troubled companies’ debt situation can be reworked and the money could be brought back into the system.
Now, it is worth mentioning that Macy’s is the largest department store operator in the US meaning that if they can face such troubles, there is no place for hiding when it comes to smaller businesses even for a developed country like the US. According to sources, Macy’s is also planning to “help manage its liabilities and explore options that could include new financing”. It is also said that Macy’s lost most of its revenue as it shut down all its stores as a result of the coronavirus outbreak. Because only essential items are getting delivered at this time and there is no way Macy’s could deliver products even if it wants to and customers are ordering.