Published: Sat, February 04, 2017
Research | By Francis Brooks

Macy's-Hudson's Bay talks in early stages

Macy's-Hudson's Bay talks in early stages

The stock surged as much as 12 percent to $34.37 in NY, the biggest intraday gain since August 11. The retailers are also exploring other ways to work together, including a potential real estate deal, the paper reported. At Hudson's Bay, a sprawling business that includes Saks Fifth Avenue and Lord & Taylor, things weren't quite as grim, but holiday results still suggested that the company is still facing some challenges in connecting with shoppers.

Macy's has reported declines in same-store sales, a key retail metric, in 12 of the past 14 quarters.

According to the Journal's Dana Mattioli, Suzanne Kapner, and David Benoit, the talks are preliminary and a deal is not assured.

Both Hudson's Bay and Macy's said in statements that they do not comment on rumor or speculation. The company had a market cap of C$1.82 billion (US$1.40 billion) as of Thursday's close.

If it comes through, this would be the fifth deal Hudson's Bay has made since 2013.

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While Macy's is an iconic name, and host of New York's annual Thanksgiving Day parade, the department store has been struggling through a turnaround, engineered by Chairman and Chief Executive Officer Terry Lundgren, who assumed the roles in 2004. Hudson's Bay also had a market capitalization of $1.41 billion late Friday morning, compared to $10.64 billion for Macy's. He wants the company to focus more on its real estate value. Macy's shares shot up 9% on the news. Already, Macy's has seen major carnage in its stock.

In 2015, Smith said that the company's real estate was worth more than $20 billion alone.

A takeover of Macy's may placate activist investor Starboard Value LP, which has been pushing the retailer to wring more money from its real estate portfolio and consider forming a REIT.

Several sources said that Smith is seeking board seats at Macy's.

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