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