Macy’s has received a takeover offer from Canadian retailer Hudson’s Bay, according to a report from the Wall Street Journal.
The report also states that the two companies are exploring additionally ways to cooperate outside of a merger, including Hudson’s taking on some of Macy’s real estate portfolio.
Hudson’s Bay is also the owner of retailers Saks Fifth Avenue and Lord & Taylor.
Macy’s has faced declining sales while it struggles with the impact of online shopping on its stores. The company has also been on a spree of store closures, with another 68 closings being announced in January.
On the news, Macy’s stock shot up. As of 10:33 a.m. share were trading higher by just over 8% at $33.22 a share.
A spokesperson for Macy’s was not immediately available for comment.
- Markets Insider