Macy’s Explores Rescue Financing Deal to Shore Up Liquidity (1)

Macy’s Inc. is exploring ways to use its real estate to secure fresh cash and ride out the coronavirus pandemic.

The department store would issue new bonds backed by certain property and other assets to bolster its liquidity, according to people with knowledge of the situation. The Herald Square property wouldn’t be included.

The interest rate and maturity of the debt is still under discussion, and plans could change based on investor response, the people said, asking not to be identified discussing a private matter.

Macy’s is “exploring numerous options to strengthen our capital structure,” the company said in a ...