BUSINESS BRIEFING / RETAIL
Macy’s Inc. said it would book a $5.1-billion after-tax charge to write down the value of goodwill in 2008. The charge falls within the range of the Cincinnati-based department store retailer’s forecast of $4.5 billion to $5.5 billion.
Goodwill represents certain values a company has beyond its physical assets, such as its brand, customers and reputation. The impairment charge, which totals $12.07 a share, is mainly the result of the weak economic environment and the decline in Macy’s share price, which fell 60% in 2008.
Including the one-time item, Macy’s 2008 loss totaled $4.8 billion, or $11.40 a share.
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