On April 7, Macy’s released a press statement announcing that its Executive Vice President and CFO Paula Price will be leaving the company on May 31, 2020, but that she will act as an advisor to Macy’s through November 2020. Price has served in her current role at Macy’s since July 2018. According to management, an external search is underway to replace Price. Announcement Comes on the Heels of Macy’s Workforce Furlough On March 30, 2020, Macy’s announced a companywide furlough, stating that is would keep only the “absolute minimum workforce needed to maintain basic operations.” While Macy’s did not announce the exact number to be furloughed from its 125,000 employees, the company reported that it had lost “the majority of its business” due to store closures across its banners. As shown in Figure 1, Macy’s had 776 stores in its portfolio at the end of the 4Q19: 551 Macy’s, 53 Bloomingdale’s and 172 Bluemercury store locations. Macy’s began temporarily closing all of its stores from March 17 due to the impact of the coronavirus pandemic. It remains to be seen how long-term these closures will be and how deeply they will affect the retailer. [caption id="attachment_107361" align="aligncenter" width="700"] Source: Company reports[/caption]   Macy’s Delisted from S&P 500 Index Effective on April 6, 2020, the S&P 500 removed Macy’s stock from its index because the company’s market capitalization had fallen to $1.5 billion, down 69% (from $4.9 billion) compared to the prior year. The S&P reported in a press release that Macy’s has a market capitalization more representative of the small-cap market space and that it had therefore added the retailer to the S&P “SmallCap 600 GICS Department Stores Sub-Industry” index.