CNBC Television America will emerge from coronavirus pandemic with fewer department stores

🎯 Загружено автоматически через бота: 🚫 Оригинал видео: 📺 Данное видео принадлежит каналу «CNBC Television» (@CNBCtelevision). Оно представлено в нашем сообществе исключительно в информационных, научных, образовательных или культурных целях. Наше сообщество не утверждает никаких прав на данное видео. Пожалуйста, поддержите автора, посетив его оригинальный канал. ✉️ Если у вас есть претензии к авторским правам на данное видео, пожалуйста, свяжитесь с нами по почте support@, и мы немедленно удалим его. 📃 Оригинальное описание: CNBC’s Kelly Evans discusses the outlook for the retail sector with retail reporter Lauren Thomas and Jan Kniffen, CNBC contributor. Retail is reeling, as stores shutter and thousands of people lose their jobs while the coronavirus spreads. Now, the Treasury Department must decide whether the risk of the industry toppling is worth putting taxpayer money where many others would not. Treasury Secretary Steven Mnuchin has shown little appetite for risk and losses, even as he attempts to support a cratering economy. Many mid-sized retailers do not qualify for programs the government has begun to roll out to save ailing companies. They are too big to qualify for the Main Street lending program aimed at companies with fewer than 10,000 employees or $2.5 billion in sales. Their debt is too distressed to qualify for the Primary Market Corporate Credit Facility aimed at larger companies. That means companies like Macy’s may be in a bind. Macy’s has roughly $25 billion in sales, likely excluding it from the Main Street lending program. But its credit was downgraded to junk by the S&P Global Ratings in February, before the pandemic fully unleashed its wrath. Its debt was investment grade for two out of three credit rating agencies prior to late March. Macy’s is working with investment bank Lazard to restructure its debt, according to people familiar with the matter who spoke on condition of anonymity because the information is confidential. They added that the company is not focusing on bankruptcy. Retail lobbyists are pushing for modifications for existing programs, as well as for new ones that would more directly help the industry. The lobbyists argue that without aid, tens of thousands of jobs could be lost. Landlords could be stripped of rent, which could upend the commercial mortgage market. They also note that retailers traditionally do business on razor-thin margins, so employing tough credit standards for lending across all industries may unfairly cut them out. For more coronavirus live updates: For access to live and exclusive video from CNBC subscribe to CNBC PRO: » Subscribe to CNBC TV: » Subscribe to CNBC: » Subscribe to CNBC Classic: Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Facebook: Follow CNBC News on Twitter: Follow CNBC News on Instagram: #CNBC #CNBC TV