Hudson’s Bay reportedly in takeover talks with Macy’s

Feb.February 05, 2017 10:30 AM

It’s a tough out their for massive retailers like Macy’s, but at least somebody still wants to shop there. Macy’s has reportedly received a takeover offer from Canadian retailer Hudson’s Bay.

According to the Journal’s Dana Mattioli, Suzanne Kapner, and David Benoit, the talks are preliminary and a deal is not assured. The report cited sources close to the matter.

The report also states that the two companies are exploring additionally ways to cooperate outside of a merger, including Hudson’s taking on some of Macy’s real estate portfolio.

Hudson’s Bay is also the owner of Retailers Saks Fifth Avenue and Lord & Taylor.

Macy’s has faced declining sales while it struggles with the impact of online shopping on its stores. The company has also been on a spree of store closures, with another 68 closings being announced in January.

On the news, Macy’s stock shot up. As of 10:33 a.m. share were trading higher by just over 8% at $33.22 a share.

A spokesperson for Macy’s was not immediately available for comment.

Related Articles

Leslie Wexner is stepping down as CEO of L Brands as Victoria’s Secret nears deal to go private (Credit: Wikipedia Commons, iStock)

PE firm to take Victoria’s Secret private as Leslie Wexner steps down

Pier 1 store (Credit: Google Maps)

Pier 1 files for bankruptcy, seeks sale

Macy’s Herald Square (Credit: iStock)

Macy’s new skyscraper missing one key thing

Simon Property Group CEO David Simon and Brookfield Property Partners CEO Brian Kingston (Credit: Getty Images)

Done deal: Forever 21 sold to Simon, Brookfield venture for $81M

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Forever 21 cancels auction (Credit: Getty Images)

Forget the Forever 21 auction: Simon Property Group, Brookfield to buy retailer

The Strand at 828 Broadway and Book Culture at 450 Columbus Avenue (Credit: Wikipedia, Google Maps)

Strand to take over former Book Culture location on UWS

Macy's CEO Jeff Gennette and the Herald Square location (Credit: Getty Images and Google Maps)

Macy’s to close 125 stores, slash 2K jobs