HUDSON'S BAY REPORTEDLY EYEING TAKEOVER OF MACY'S

Feb 03, 2017

By Bob Komsic

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Canadian retail giant Hudson’s Bay Co. is apparently going shopping for U.S. department store chain Macy’s.
hbc-logo
(Nathan Denette / Canadian Press)
Neither company’s commenting but talks between the two are said to be at an early stage.
macys
(Rickey Rogers / Reuters)
Macy’s has a market value of more than $10-billion U.S. while HBC’s market value is around $1.8-billion.
But Macy’s has been struggling lately, shifting consumer behaviour toward internet shopping.
The U.S. retailer announced in early January that it’ll close 68 stores by the middle of the year, eliminating about 10,000 jobs and leaving Macy’s with about 660 American outlets.
Hudson’s Bay has been buying up competition in recent years, including the Saks Fifth Avenue chain, the Galeria Kaufhof chain in Germany and Gilt, a membership-based online retailer that caters to milllennial shoppers.
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