They will try to use its inventory as collateral to raise $3 billion and its real estate holdings to attract up to $2 billion. Analysts said the decision to take on billions in debt is a sign that the fiscally conservative company's revenues have run dry. "As we have previously communicated, the coronavirus pandemic continues to take a toll on Macy's business," Macy's told CNBC. "Macy's has taken multiple actions to improve our position and improve financial flexibility, including suspending our quarterly dividend, deferring capital spend, drawing on our credit facility, reducing pay at most levels of management and furloughing the majority of our colleagues … the company is also exploring numerous options to strengthen our capital structure." In its most recent filing in January, Macy's had sales of roughly $25 billion and net debt of $3.5 billion. Its nearest debt maturity was for roughly $530 million in January 2021.