What's more, growing concerns about the big spike in COVID-19 infections in major markets such as Florida, Texas, and Arizona, where Macy's operates many stores, along with new unemployment claims still exceeding 1 million a week have dampened expectations around retail's recovery, especially for nonessential spending. Macy's moves will save it $365 million this year, or $630 million on an annual basis. The company has recently made a number of financial moves to bolster its cash position and access to credit by $4.5 billion to give it the breathing room that its smaller rivals J.C. Penney and Neiman Marcus, which both recently filed for bankruptcy protection, didn't have. A few weeks before the pandemic struck the United States, Macy's had announced a splashy turnaround plan to become leaner, a smaller but better retailer, shedding 125 stores that last year brought in $1.4 billion and cutting 2,000 corporate jobs, while improving stores and refining its merchandise point of view.