Former Macy’s CEO Expects Retail Closures To Continue Into 2021 As COVID-19 Persists

Former Macy’s CEO Terry Lundgren told CNBC on Monday he expects coronavirus pandemic-related disruption for the retail industry to persist well into next year, leading potentially to more store closures. “We’re not done yet. … We’re going to learn even more when we get through the holiday season,” Lundgren said on “Power Lunch.” “Retailers who have a weak balance sheet today aren’t going to get relief in January. It’s going to get tougher. When the volume of purchases drops dramatically after Christmas, the expenses remain.” Read more at CNBC.