Macy's Holiday Sales Decline Points to Intensifying Challenges, a Credit Negative
ISSUER COMMENT CORPORATES JANUARY 9, 2017 What is Moody’s Credit Outlook? Published every Monday and Thursday morning, Moody's Credit Outlook informs our research clients of the credit implications of current events. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodMacy's is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The company's wholly-owned bank subsidiary, FDS Bank, provides certain collections, customer service and credit marketing services in respect of all credit card accounts that are owned either by Department Stores National Bank, a subsidiary of Citibank, N.A., or FDS Bank and that constitute a part of the credit programs of the company's retail operations.
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