According to a new report, luxury jewelry company Tiffany & Co. has now been forced to amend its debt agreements in order to increase liquidity due to plummeting sales amid the global coronavirus pandemic.
In particular, net sales for the first quarter of 2020 plummeted by 44-percent down to $555.5 million USD, while losses amounted to $64.6 million USD, equating to 53 cents per share. The results are dire when compared to the same quarter last year, where profits were at $125.2 million USD, or $1.03 USD per share. In light of these results, luxury conglomerate
In other business-related news, Macy’s reports a $630 million USD loss in Q1 2020.