Price, who has been in the position for less than two years, “has made the decision to leave the company as of May 31,” the department-store operator said in a statement. She will remain an adviser through November, and the company is searching for her replacement.
Her departure comes amid a massive retail shutdown, part of unprecedented measures to halt the spread of the coronavirus. Macy’s has furloughed most of its workforce starting this month in a bid to preserve cash as the closure of all 775 of its physical stores has caused a sharp decline in revenue.
It’s another sign that the company’s turnaround plan, announced earlier this year, is on hold. The company recently said it’s drawing down its line of credit while deferring capital spending, extending payment terms and evaluating financing options. Chief Executive Officer Jeff Gennette is forgoing a cash salary.
Macy’s shares jumped as much as 19% on Tuesday, part of a broader gain of U.S. stocks. The increase follows a 17% advance yesterday. Even with this week’s rise, Macy’s has declined more than 60% this year.
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