Macy's Store Closures Put $6.57 Billion in CMBS at Risk

Macy’s, Inc.’s recently announced round of store closures could put about $6.57 billion in loans securitized in commercial mortgage-backed securities (CMBS) at risk. DBRS Morningstar Credit Ratings (DBRS Morningstar) identified 50 Macy’s locations that are most at risk of closing because they reported below-average tenant sales and were not among the 150 stores that will receive more than $200 million for renovations and upgrades under Macy’s Growth 150 initiative.