February 6, 2017 Comments Off on Hudson’s Bay Makes Macy’s Bid Views: 489 California News, Top California

Hudson’s Bay Makes Macy’s Bid

Hudson’s Bay Co., the parent of retailers Lord & Taylor and Saks Fifth Avenue, is interested in acquiring the struggling Macy’s Inc. department store. Sources confirmed an offer had been made, though talks are preliminary.

The consumer shift toward online shopping and e-commerce has hurt the brick-and-mortar retail sector, and left Macy’s vulnerable to a takeover. Macy’s is closing stores, cutting jobs and reshaping its real estate portfolio to better compete. Some wonder if the retailer might be a good fit for a tech company, such as Google eBay or Facebook.

The possibility of a deal with the Toronto and New York-based Hudson’s Bay Co. boosted Macy’s stock price. It would also reunite Macy’s and Lord & Taylor under the same corporate roof. The retailers had been part of Federated in 2005.

Read more at CNN Money

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