Macy's Declares Huge Loss - NBC New York

Macy's Declares Huge Loss

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    Macy's Declares Huge Loss
    Stephen Chernin/Getty Images
    Pedestrians are reflected in a Macy's window February 28, 2005 in New York City.

    The bad news continues on the retail front as Macy's reported a $44 million dollar loss in the third quarter of this year. WWD compares those losses with last year's report, which marked earnings of $33 million. It's no surprise considering the economic climate, but the news that even retail giants are seriously suffering brings us a step closer to the completely-unsubstantiated-rumors we've been hearing recently that a major department store may even be closing by the end of the year. At we were as skeptical about that as we were about Gizmodo's report on Circuit City being "on death's door", but then that turned out to be true. (The chain is closing 155 stores.) So now we're thinking: What if one of the greats did close? Which would it be? Macy's might declare a loss, but there's the Thanksgiving Parade to think about—would Bloomberg consider a bail-out? Then there's the spots that rely on more high-end consumers like Saks Fifth Avenue and Bergdorf Goodman—how are they doing?

    The good news is, it looks like we can all rule out one of the city's grand dames, Henri Bendel, which recently announced plans to open a series of accessories-based stores in locations as far-reaching as Columbus, Ohio and Boca Raton, Florida. Perhaps if tech gadgets and mid-range merchandise aren't selling, pearls will?