With rumours of Macy’s being bought by Hudson’s Bay, parent company of Lord & Taylor and Saks Fifth Avenue, stock has soared 12 per cent over the weekend. Macy’s stock soared 10% Friday after the Wall Street Journal reported that Hudson’s Bay, the Toronto and New York-based parent company of Lord & Taylor and Saks Fifth Avenue, might be interested in buying the iconic retailer.
Neither Macy’s or Hudson’s Bay has offered comments, stating instead that they do not comment on rumours.
While Trump has gloated that the disappointing sales was due to his call to boycott after Macy’s dumped the Ivanka clothing line, many department stores have been unable to compete with mass manufacturers and online retail giants.
It is speculated that Hudson’s Bay might not be the only interested party.
“We are intrigued by the idea of a company such as Amazon, Google, Ebay, or Facebook acquiring Macy’s—this would be a revolutionary combination of establishment retail meets new media,” Cowen analyst Oliver Chen wrote.
However, the company’s future remains up in the air.
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
