Hudson's Bay reportedly approaches Macy's about a takeover

04 February, 2017, 00:53 | Author: Sam Montgomery

The largest USA department store retailer has been approached by Canada's Hudson's Bay, the owner of Saks and Lord & Taylor, The Wall Street Journal reported, citing people familiar with the matter.

The early-stage discussion between retail giants comes amid January reports that discouraging sales numbers prompted Macy's decision to close around 100 stores.

When The New York Post reached Macy's for comment, a spokesperson said, "we do not comment on rumors and speculation".

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.

Department store sales suffered in the latest holiday season as shoppers increased the number of items they bought online.

Trump Sours Relations With Mexico After Tariff Talk
Mexico's version of the joint statement said Trump and Peña Nieto would refrain from publicly discussing payment for the wall. Mexico is one of the top three markets for US farm production.

Sean Spicer Says US Citizens Won't Be Targeted in Anti-Terror Efforts
Anwar Al-Awalki, a US-born cleric who directed attacks against the USA , was killed in a targeted drone strike in 2011. Yemeni security forces killed an Al-Qaeda leader in the province of Lahj during a raid on Tuesday, police said.

Selena, Weeknd get cosy in Italy
Her arm tucked inside that of her new boyfriend, 24-year-old Selena looked besotted as the pair took in the sights. He has supported her fully since leaving rehab and she finds that support invaluable. "He really likes her".

Shares of Hudson's Bay were up more than 2 per cent at C$10.44. Up in Toronto, Hudson's Bay is up 4%. Outgoing CEO Terry Lundgren had allegedly been working to prevent significant disruptions in the company's board while fielding several acquisition offers.

Cowen and Company said in an analyst note that Macy's has attractive qualities for a buyer, including a low a price to earnings valuation of 10 times, $2.8 billion of free cash flow and a large real estate portfolio.

The Canadian retailer was acquired in 2008 by NRDC Equity Partners, headed by Richard Baker. Already, Macy's has seen major carnage in its stock.

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 shares were briefly halted and resumed minutes later up 7 percent.

Macy's said in March previous year it had tapped William Lenehan, a real estate investment trust expert and a close associate of Starboard, to its board.

Recommended:

  • Bipartisan Senate vote moves Tillerson closer to confirmation

    Bipartisan Senate vote moves Tillerson closer to confirmation

    Instead, Democrats shifted to an uphill battle to try to convince Republicans to vote against Tillerson. Graham (R-S.C.) had announced their support for Tillerson before the committee voted .

    Amazon to move Prime Air cargo hub to Cincinnati

    Matt Bevin played a key role in the deal by sitting in meetings with Amazon officials to craft a state incentive package. Amazon .com, Inc. has a lease agreement for 40 cargo planes. 2,000 of these jobs will be at the hub in Kentucky.

    Iran retaliates against Trump executive order

    Of the countries targeted, Iran sends the most visitors to the United States each year, some 35,000 people. Trump's order affects individuals from Iran, Iraq, Syria, Yemen, Libya, Somalia and Sudan.
  • VW outperforms Toyota in global sales

    VW outperforms Toyota in global sales

    Toyota Motor's global auto sales totaled 10.17 million units, falling below Volkswagen's 10.31 million units over the same period. Sales for the German automaker were mainly driven by a surge in sales in China - 3,548,600 units, up 12 percent year on year.
    Lunar New Year triggers world's largest human migration

    Lunar New Year triggers world's largest human migration

    According to the Chinese zodiac calendar, people born under the sign of the rooster are courageous and responsible, but very vain. China is seeing a rise in "rent-a-girlfriend/boyfriend" apps as the Lunar New Year comes tomorrow.

    John Legend joins 'The Voice' Season 12 as Adam Levine's advisor

    Khaled predicted that Alicia was going to win this season, saying, "We gotta put it out there". John Legend has signed up to help Levine's team.
  • Republican senators won't support DeVos nomination

    Republican senators won't support DeVos nomination

    Assuming all other Republicans vote for DeVos and all Democrats vote against, that means the vote breakdown is now tied at 50-50. Despite this, Trump announced on November 23 that Betsy DeVos would be his choice for Secretary of Education.

    GM Cutting Jobs in Canada

    Today, we have a $120 billion deficit. "Make in United States of America or pay big border tax!" "It is awful ", said Van Boekel. It stinks, it's just GM up to their normal stupid games again and taking jobs out of Canada for no reason", adds Van Boekel.
    Why Did Apple Just File a Vaporizer Patent?

    Why Did Apple Just File a Vaporizer Patent?

    The details are a bit nebulous, as the patent only describes a "a substance that is to be vaporized or sublimated into a vapor". The e-cigarette is described in the patent having a cylindrical shape, thermal jacket and a body unit as well as a lid.
  • Homeland Security chief wants border wall built in two years

    Homeland Security chief wants border wall built in two years

    He also laid out a rough timeline for the massive project, saying he hoped the wall would be completed within the next two years. When he got a cold call from the Trump transition team, Kelly and his wife had no reservations.

    Senate Committee Confirms EPA Administrator Without Democratic Support

    No Republican has come out against his nomination, though the vast majority of Democrats are likely to oppose him. Democrats boycotted a hearing to vote on Pruitt's nomination yesterday .
    Palace rallies Miss U support for Maxine

    Palace rallies Miss U support for Maxine

    The grand finale will be hosted by Emmy Award victor Steve Harvey and will feature body activist Ashley Graham as backstage host. She explained that the flow of the pageant is faster this time as reported by ABS-CBN .


Popular

Google is getting better and better with autonomous driving
Waymo touted the results of the report in a blog post authored by the company's head of self-driving technology, Dmitri Dolgov. Volkswagen and Honda , which both logged miles in 2015, both reported they had logged zero miles in their 2016 reports.

USA army told to pave way for disputed Dakota pipeline
Highway 1806 river bridge directly adjacent to where hundreds remain camped in opposition to the pipeline construction. Army Corps of Engineers says it will install rapid-deployable, mobile gauges on the river near Solen and on the N.D.

Business owner who claimed mom died because of ban lied
He believes his mother would have survived if she had been able to return to her home and seek treatment, Fox 2 said. He was allowed to pass, but his mother and family members, all green card holders , were denied access.

Go Red to support women's heart health during February
Indianapolis firefighters are expected to participate as well as past winners of the American Heart Association's "Real people". Volunteers knitted the red hats themselves and have delivered them to metropolitan hospitals for the babies to wear.

United Nations urges immediate halt to hostilities in eastern Ukraine
At least eight Ukrainian troops have died in the fighting and at least 25 have been injured, Reuters said in a report. The separatist Donetsk News Agency reported one civilian killed and three injured in Makiivka, North-East of Donetsk.

Gov. Bryant: DeVos 'will be a transformative leader' for Dept. of Education
Senate Democrats, including Senate Minority Leader Chuck Schumer (D-New York), have criticized DeVos on a variety of fronts. The flurry of opposition is tied to DeVos's long history of activism for school choice, particularly voucher programs.

West Ham agree $41.5 million Payet fee with Marseille
After the confirmation that he was leaving the Premier League club, this is what Payet posted on his personal Twitter account . Payet joins Patrice Evra, the veteran French defender who arrived at Marseille last week on a free transfer from Juventus.

Fresh details on the DEADLY al shabaab attack on KDF
Kenya Defense Forces (KDF) spokesman Lieutenant Colonel Paul Njuguna confirmed the attack was committed by Al-Shabab. These suicide explosions were followed by hordes of attackers who were repulsed by the soldiers.

Iranian actor to boycott Oscars over Trump's 'Racist' Visa Ban
However, reps for Farhadi , The Salesman , and the film's distributor did not immediately respond to EW's requests for comment. Asghar Farhadi is up for an Academy Award in the Best Foreign Film category for his psychological thriller "The Salesman".

Trump And Putin To Speak By Phone On Saturday
The new president said he also hopes to have "a great relationship" with China - a country he's accused of currency manipulation. Asked about British sanctions on Russia, May was more direct, saying sanctions would continue.