Making Macy's | Retail Expert Dr Vicki Howard discusses the past and future of the department store in America | 5
Business Movers
Wondery
4.8 • 1.5K Ratings
🗓️ 21 December 2023
⏱️ 52 minutes
🧾️ Download transcript
Summary
Historian Dr Vicki Howard examines the rise - and fall - of the American department store and discusses what the future may hold for industry giants like Macy’s.
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Transcript
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| 0:00.0 | Hey Prime members, you can listen to BusinessMovers ad free on Amazon Music. |
| 0:05.0 | Download the app today. It's February 3rd 1992 in a large conference room at a hotel in downtown Manhattan. |
| 0:29.0 | Mike Olman, the 45-year-old vice Chairman of Macy's, steps up to a podium. |
| 0:35.0 | The department store has just stunned the retail world by declaring Chapter 11 bankruptcy. |
| 0:40.2 | Macy's operates more than 240 stores across America, but to survive, the 134-year-old |
| 0:46.5 | company must now restructure its huge debts and reorganize. |
| 0:50.5 | This meeting has been called to update creditors on what's happening and what will come next. |
| 0:55.0 | Sitting in front of Mike are representatives from hundreds of Macy's bondholders and suppliers. |
| 1:01.0 | They're mostly lawyers, but some of those owed money by the retail firm have come in person, too. |
| 1:06.0 | My consent's anxiety and even anger in the room. |
| 1:09.0 | Good morning, ladies and gentlemen. |
| 1:11.0 | Thank you for joining me today. |
| 1:12.0 | I wish I could say I was happy to see you. Ladies and gentlemen, thank you for joining me today. |
| 1:12.9 | I wish I could say I was happy to see you, but I'm sure that feeling is mutual. |
| 1:17.9 | If Mike was hoping to break the ice with his light-hearted comment, it doesn't work. |
| 1:22.4 | The audience stares back, stony-faced and silent. |
| 1:25.3 | Mike peers down at his notes. As you're all aware one week ago Macy's |
| 1:30.7 | filed for bankruptcy protection under the chapter 11 provisions of the U.S. |
| 1:35.0 | Bankruptcy Code, Macy's stores will continue to operate as normal while we reorganize |
| 1:39.9 | the company's finances. Macy's currently has 1.6 billion in secured debts and 1.91 billion in unsecured debts. |
| 1:48.7 | And how did that happen? |
| 1:51.0 | Mike looks up at the interruption. |
... |
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