Rival department store in talks to take over Macy’s, report says

|
Rival department store in talks to take over Macy’s, report says
Image Credit: Dreamstime.com
Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
Advertisement

Rumors and speculation are swirling about the future of Macy’s, an iconic department store chain that has been struggling lately.

Read more: Here’s what happens to malls after department stores close

Report: Hudson’s Bay makes takeover approach for Macy’s 

According to the Wall Street Journal’s sources, Canada-based Hudson’s Bay, owner of Lord & Taylor and Saks Fifth Avenue, has approached Macy’s about a takeover. Talks are reportedly in the beginning stages and include other ways the companies could partner, the report said. There’s also the possibility that no deal will be reached at all.

In early January, Clark.com reported on Macy’s announcement that it would close 68 stores in early 2017 and 30 additional stores over the next few years. The retailer said it’s slashing about 10,000 jobs as a result of the restructuring.

Read more: These 68 Macy’s locations are closing

The New York Post was first to report on Thursday that Macy’s CEO Terry Lundgren, who plans to step down this year, was open to offers from potential friendly buyers as a way to block any attempt to mess with the board.

A source told the Wall Street Journal that Hudson’s Bay sees Macy’s as a “healthy company” that needs to invest more in its business.

Hudson’s Bay and Macy’s aren’t commenting on any of these reports.

In the meantime, it appears that traditional department stores are having to shrink their footprint due to the rise of online shopping, closing underperforming stores and laying off workers.

Here’s a list of major retailers that are closing stores in 2017.

Advertisement
Mike Timmermann About the author: Mike Timmermann
Michael Timmermann paid off his mortgage in two years. Now, he shares his money-saving tips on his blog, Save on Almost Everything.
View More Articles
  • Show Comments Hide Comments