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A Macy's in Boston on May 31. Photo: Pat Greenhouse/The Boston Globe via Getty Images

Macy’s secured around $4.5 billion in financing, including $3.15 billion pledged against its real estate assets.

Why it matters: This should remove the iconic retailer from bankruptcy watch lists, even if 2020 holiday sales are sluggish.

The big picture: Investor's reactions were not so great, after weeks of growth. Macy's did release preliminary fiscal Q1 numbers that met consensus estimates on the top line and beat them on the bottom line, but now it's more leveraged and warned that sales might not normalize until 2022.

The bottom line: "The retailer, which temporarily shut all its stores in response to local lockdown orders aimed at curbing the spread of the novel coronavirus, was struggling even before the beginning of the pandemic amid changing shopping habits." — Nina Trentmann, WSJ

Go deeper: April retail sales drop record 16.4% amid coronavirus pandemic

Go deeper

Erica Pandey, author of @Work
1 hour ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 6 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.