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.

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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.

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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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.

Tags