- Angela Gonzalez-Rodriguez
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New York – After seeing its capitalization reduced to one fourth of what
it was at the end of 2019, Macy’s is being removed from the S&P 500 Index.
S&P Dow Jones Indices, which oversees the index, has also explained that
the U.S. department stores operator will join the S&P 600 Small Cap Index.
It’s worth highlighting that Its market capitalisation currently stand at
1.5 billion dollars, barely one fourth of what it was at the end of 2019,
according to data published by the CNBC.
“Macy’s has a market capitalization more representative of the
small-cap market space,” S&P Dow Jones Indices said in a statement at the
end of March.
On a related note, earlier last week, Macy’s announced that it has
suspended its dividend, drawn down a line of credit, frozen hiring and
spending, and canceled some orders. The company also withdrew its financial
outlook for 2020.
