Joined: 12 Dec 2007
Posts: 788
| Posted: Sun Sep 20, 2009 11:39 pm Post subject: Bankruptcy | |
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http://www.reuters.com/article/pressRelease/idUS114031+16-Sep-2009+BW20090916
Macy's is on this list of companies with the highest probability of declaring bankruptcy. |
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Joined: 06 Jan 2008
Posts: 1861
Location: A Place Where No Thongs Are Not Allowed
| Posted: Mon Sep 21, 2009 12:13 am Post subject: | |
Wow. 
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Joined: 14 Jan 2008
Posts: 653
| Posted: Mon Sep 21, 2009 1:47 am Post subject: | |
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Joined: 14 Jan 2008
Posts: 653
| Posted: Mon Sep 21, 2009 1:48 am Post subject: | |
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wow. maybe if they cancel the big NAME BADGE CHANGE really quick they won't need to file for bankruptcy.
but if they do, maybe i can finally get out. 
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Joined: 06 Jan 2008
Posts: 1776
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Mon Sep 21, 2009 1:51 am Post subject: | |
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Interesting Article. I don't see it happening to Macy's though..
Hypothetically though.. Macy's would file Ch 11 Bankruptcy - Allowing them to shed debt at a rapid pace. Close stores, re-work leases, vendor agreements, etc. Lundgren would be ousted. A buyer could step in and Macy's operate under a new even worse ownership. I personally see Dillard's, Neiman-Marcus, or Saks operating under more challenges than Macy's. |
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Joined: 12 Dec 2007
Posts: 788
| Posted: Mon Sep 21, 2009 1:58 am Post subject: | |||
FOM, I agree with your thoughts on Dillards etc., thats why I was surprised to see Macy's on this list. Maybe they need to cut out some of this advertising they do to get people to donate to charities too! |
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Joined: 06 Jan 2008
Posts: 1776
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Mon Sep 21, 2009 2:01 am Post subject: | |
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Dillard's was on that list last year I believe. It was rumored they might not make it through the Christmas season.
I can't stand Dillard's - They have become to hoity toity and think they are Saks Fifth Avenue or Neimans. At least Macy's does put things on sale and Macy's does carry an assortment of brands you've heard of. Last time I was in a Dillard's there wasn't a single name brand item in the mens department. It was all house brands, and they were all more expensive than Polo, Hillfiger, IZOD, etc. I hate to admit it, but I've bought a few Alfani items recently and I've been rather happy so far... |
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Joined: 30 Nov 2008
Posts: 773
Location: CA
| Posted: Mon Sep 21, 2009 3:28 am Post subject: | |||
Do you think Macy's IS the charity???? |
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Joined: 28 Jan 2008
Posts: 587
Location: Somewhere in Nantucket...until I sat on a bucket...
| Posted: Mon Sep 21, 2009 6:11 am Post subject: | |||||
Could be. We should all give Thanks for Sharing to all those VIP Passes since they all want you to donate to the Macy's cause. |
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Joined: 13 Mar 2008
Posts: 124
| Posted: Mon Sep 21, 2009 12:14 pm Post subject: | |
| I was watching CNBC Business News when Erin Burnett interviewed this stock analyst who gave the Top 20 possible companies to file bankruptcy soon. Macy's has way too much debt which they are now paying very high interest rates on because their credit rating has been reduced to junk bond status and together with that the profit dollars are continuing to go down month after month. | |
Joined: 06 Jan 2008
Posts: 1776
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Mon Sep 21, 2009 4:49 pm Post subject: | |||
Well they do say that "History Repeat's It's Self". It was 1985 when Finkelstein completed his LBO of Macy's. Twenty Years later Lundgren did the same thing when he cannibalized May. The marriage of May and Federated absolutely made sense and still does - but Lundgren needs to get out of dodge! Bankruptcy - Macy's will survive, but it will be a different company. Store Closings Job Cuts |
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Joined: 23 Jan 2008
Posts: 29
| Posted: Mon Sep 21, 2009 8:14 pm Post subject: | |
| This would be what the second time? Federated (which is what Macy's Inc. used to be) declared Bankruptcy in the early 90s. | |
Joined: 06 Jan 2008
Posts: 1776
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Wed Sep 23, 2009 9:38 pm Post subject: | |
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Federated filed for Chapter 11 in 1990.
RH Macy and Company filed for Chapter 11 in 1992. Federated bought RH Macy & Company in 1994. |
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