Macy's to be 'smaller company' as loss to hit $1 billion in quarter amid lockdowns

(Reuters) - Macy's Inc said on Thursday it could rack up operating losses of up to $1.11 billion (£907.98 million) in the first quarter, as the department store operator was forced to shut stores due to lockdowns aimed at curbing the spread of the new coronavirus."We anticipate that our sales recovery will be gradual and that for a period of time, we will be a smaller company," Chief Executive Jeff Gennette said on a call with investors.Shares were up nearly 3% at $5.22 in morning trading.The..