Macy’s shares fall after Reuters reports retailer tapping Lazard to bolster finances

Macy’s shares dropped as much as 10% after Reuters exclusively reported that the largest U.S. department store operator by sales hired investment bank Lazard to explore options for bolstering its finances as it grapples with the economic fallout of the coronavirus outbreak. The move by Macy’s is a sign of the severity of the crisis facing brick-and-mortar retailers, which were already struggling with the shift to online shopping.