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

Feb.February 05, 2017 01:00 PM

Macy’s at 34th Street in Herald Square

From the New York site: 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

Daily Digest Miami

Batmasian buys Deerfield Beach retail property, the Fed gears up for another rate cut: Daily digest

Washington Prime Group wins rezoning amid effort to redevelop Boynton Beach Mall with apartments and offices

50,000-square-foot lot underneath Macy’s Miami Beach hits the market

Traditional retailers have outperformed Amazon so far this month

Purchase of Macy’s lease signals changes ahead for CityPlace

Macy’s will open its first Miami outlet location at the Falls

Hundreds of US department store closures likely: report

New spending habits may spur changes at South Florida malls