Macy's has also drawn down its entire $1.5 billion under its credit facility. Cowen further believes that department store chains are cutting current orders and shipments of goods, until late June or July, knowing the demand from consumers will not be there. Shoppers are not looking for dresses or new denim. Many consumers are being put out of work and are just trying to get enough groceries to get by. "Meanwhile, vendors are likely canceling as many orders as possible, which will impair important back to school [and] fall deliveries," analyst Oliver Chen said.