Takeover target: A file picture showing A Macy’s store at CityPlace. Hudson’s Bay which is eyeing Macy’s, is seeking to push further into the US market. – AFP
NEW YORK: Hudson's Bay Co has made a takeover approach for struggling retailer Macy's Inc, people familiar with the matter said, trying to push further into the US market where it already owns the Lord & Taylor and Saks Fifth Avenue chains.
While the Toronto-based company faces major financing and operating challenges in completing a deal to buy Macy's, which is trying to overhaul its operations, it could use its existing foothold in the US to save on administrative costs and have more negotiating power with its vendors.
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