Macy's Loses $1 Billion In First Quarter Of 2020

NEW YORK (CBSNewYork) - Macy's says it lost more than $1 billion in its first-quarter due to the coronavirus outbreak.

The department store was forced to close its locations on March 18, causing sales to plunge by as much as 45%.

The global pandemic and the forced shutdowns have already pushed some chains like J.C. Penney and Neiman Marcus to file for bankruptcy.

Shops like Walmart, Target and Lowe's that were deemed essential during the pandemic and stayed open have been thriving.