Topic: Macy's Department Stores Discussion Thread

[UncleRando]

Macy’s valuation a topsy-turvy world
http://cincinnati.bizjournals.com/cincinnati/stories/2008/12/01/story1.html

These days, the merchandise sitting in Macy’s stores is worth more than all of its 421 million shares of stock combined. That situation, as much as any, helps explain why retailers are discounting their goods by so much, and so soon.

As of the end of the third quarter, the value of Macy’s merchandise inventory totaled $6.9 billion, according to its financial report. Its market capitalization, meanwhile, came to $2.9 billion as of Nov. 25. Macy’s priced its property and equipment, meanwhile, at $10.6 billion.

Essentially, that means the value of Macy’s assets are greater than that of the company. Or are they, analysts wonder?

...

[UrbanSurfin]

I was just at the Marshall Field's downtown flagship on Friday. There weren't all the "Macy's = Potterville" and "Fu@k Macy's" signs and T-shirts that I saw two years ago, but people affiliated with www.fieldsfanschicago.org were passing out button that say "I want my Marshall Fields."

[eastvillagedon]

Just so everyone knows, Macy's flagship store at Herald Square (as I think other select branches around the country) will be open around the clock beginning Saturday at 6 a.m. until Christmas, just in case you were awake at 3:00 a.m. and needed something to do

[MyTwoSense]

Just so everyone knows, Macy's flagship store at Herald Square (as I think other select branches around the country) will be open around the clock beginning Saturday at 6 a.m. until Christmas, just in case you were awake at 3:00 a.m. and needed something to do

they've done this for the past three years.  Toys-r-us (Times Square) is also doing this.  Why can't Barney's stay open 24 hours. 

[eastvillagedon]

Just so everyone knows, Macy's flagship store at Herald Square (as I think other select branches around the country) will be open around the clock beginning Saturday at 6 a.m. until Christmas, just in case you were awake at 3:00 a.m. and needed something to do

they've done this for the past three years.  Toys-r-us (Times Square) is also doing this.  Why can't Barney's stay open 24 hours. 

actually I believe last year was the first year the Herald Square store was open 24 hours. As per Barney's, their customers are 1) ladies and gentlemen of leisure who aren't dictated by time constraints and can therefore go there anytime during the store's regular hours, or 2) sooooo busy making money (or stealing it) and having lunch at the Four Seasons (at least they were) that they just send their wardrobe consultants to shop for them, eliminating the need to stay open that late.

[MyTwoSense]

Just so everyone knows, Macy's flagship store at Herald Square (as I think other select branches around the country) will be open around the clock beginning Saturday at 6 a.m. until Christmas, just in case you were awake at 3:00 a.m. and needed something to do

they've done this for the past three years.  Toys-r-us (Times Square) is also doing this.  Why can't Barney's stay open 24 hours. 

actually I believe last year was the first year the Herald Square store was open 24 hours. As per Barney's, their customers are 1) ladies and gentlemen of leisure who aren't dictated by time constraints and can therefore go there anytime during the store's regular hours, or 2) sooooo busy making money (or stealing it) and having lunch at the Four Seasons (at least they were) that they just send their wardrobe consultants to shop for them, eliminating the need to stay open that late.

LMAO!  That was just hateful.  LOL

[UncleRando]

Macy’s cutting 7,000 jobs in restructuring
http://cincinnati.bizjournals.com/cincinnati/stories/2009/02/02/daily11.html

Macy’s Inc. plans to cut 7,000 jobs in a corporatewide restructuring that will centralize its operations and reduce expenses in one of the most difficult economic environments the retailer has faced.

The cuts follow by one year a consolidation where Macy’s folded three of its seven divisional offices into four. That move launched officially the “My Macy’s” merchandising program, which breaks each division into a number of buying districts, each tailored to align stores with specific market tastes.

...

[dmerkow]

This essentially means the end of May Company and the old Federated - which actually meant something. This is Macy's run like Penny's et al. It seems like each market writ large will have a small hq and then the big corporate folks. I'm surprised they haven't committed to closing more stores as a part of this. I wish I could shed a tear for Atlanta, but those were mostly Cincy jobs that got moved when Rich's and Lazarus were merged. San Fran is getting hit hard since Macy's West was pretty independent and May had a lot of stuff out there.

[oakiehigh]

Macy's debt rating downgraded
The Associated Press • April 1, 2009
http://news.cincinnati.com/article/20090401/BIZ01/304010101/1076/BIZ

NEW YORK — Moody's investors Services downgraded Macy's Inc.'s debt on Wednesday into junk territory, saying the department store chain's credit metrics have deteriorated along with its operating performance.

Senior credit officer Maggie Taylor lowered her rating on the company's senior unsecured notes to Ba2, from Baa3.

The new rating is two notches below junk status.

...

[The_Cincinnati_Kid]

Macy’s seeks tax credits for HQ growth
Business Courier of Cincinnati - by Lisa Biank Fasig Staff Reporter


Macy’s Inc. is seeking Ohio tax credits valued at more than $1.3 million in return for it adding 125 jobs at its corporate headquarters in downtown Cincinnati, following the consolidation of its four regional divisions into two.

Cincinnati City Council on April 8 will consider the emergency ordinance authorizing a job creation tax credit of 55 percent for six years, valued at almost $516,000. The state on April 6 approved the six-year tax credit, which is valued at $822,000 on the state level.

...

http://cincinnati.bizjournals.com/cincinnati/stories/2009/04/06/daily21.html