Macy's puts stores up as collateral in $1.1B bond deal

Macy's has put department stores in Brooklyn, Chicago and San Francisco along with 35 locations in shopping malls and 10 distribution centers up as collateral in a $1.1 billion bond deal. The department store operator estimated the value of the properties at $2.2 billion, more than the retailer's market capitalization of $1.6 billion.