You seem to think that a stock selloff necessitates bankruptcy. Macy's doesn't deserve to be a $70 stock today. And guess what. It justifiably fell. But it fell too much because, as usually happens during selloffs, people (not unlike you) overreacted; Macy's doesn't deserve to be this low. But I'm not complaining; I'm buying.
If you want to short Macy's when it is ostensibly at rock bottom, please go ahead. Otherwise, figure out something else to do other than uselessly echoing already-baked-in bad news.
Bricks and mortar retail may be slowing a bit, which is why Macy's (and other retailers) rightfully declined from the previous lofty levels. But I think the declines were overdone, partly due to unjustified fear. In my opinion, M represents good value now around $39.
"Be greedy when others are fearful." - Warren Buffett