Macy's Reportedly Issuing Up To $5 Billion in Debt to Survive Shutdown

Beleaguered department store name Macy's (NYSE: M) may be seeking as much as $5 billion in new debt-based financing, according to a report from CNBC Tuesday evening.

CNBC did not name its sources other than to describe them as "people familiar with the matter." But the development would align with other recent headlines regarding the retailer. Late last week Bloomberg also reported the company was considering leveraging real estate assets as collateral for new bonds that would raise much-needed money. Earlier last week, Reuters reported Macy's has been working with investment bank Lazard, although the news agency did not indicate exactly what the bank may have been hired to do.

Image source: Getty Images.

Source Fool.com