Hudson's Bay Co. reported to be in bid for Macy's
For Hudson's Bay, which runs more than 480 stores around the world, buying Macy's would be a splashy way of expanding in the U.S. New York-based Macy's owns more than 850 stores in 45 states that operate under the Macy's and Bloomingdale's.
The Wall Street Journal report said, "Other details of the talks are unclear and it's far from guaranteed there will be any deal".
Macy's and Hudson Bay declined to comment. Macy's also has a significant amount of debt about $7.5 billion, according to the Journal report.
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If Macy's does wind up merging with Hudson's Bay, it would also reunite Macy's and Lord & Taylor under one corporate roof. Hudson's Bay, meanwhile, acquired Saks Fifth Avenue back in 2013 for $2.4 billion. It has 485 stores worldwide, while Macy's has more than 800.
The retailer has been under pressure from activist investors displeased with its stock performance to sell of its stores into a real estate investment trust or look at ways of wringing out money from its physical assets.
Macy's in June said its longtime chief executive, Terry Lundgren, would step down later this year and hand the reins to one of his top lieutenants, current President Jeff Gennette. But chances of a deal were dim, the note said.
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That same year, the company formed two real estate joint ventures, US -based Simon Property Group Inc and Canada's RioCan Real Estate Investment Trust.
Last month, Macy's announced it would shutter 68 stores and slash 10,100 jobs as it struggles to adjust to an evolving retail landscape in which consumers increasingly bypass malls to shop online, or gravitate toward fast-fashion favorites like Zara and H&M. The joint ventures, which would scout for global opportunities, was another move by HBC to bring value to its lucrative real estate assets portfolio. The company had a market cap of C$1.82 billion ($1.40 billion) as of Thursday's close.
Activist investor Starboard Value held around 1 percent of Macy's stock as of September 30 previous year, making it the company's 15th largest shareholder.
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Feb 01 2017