TORONTO – BUSINESS – The Hudson’s Bay Company (HBC) is looking at taking over Macy’s in the United States. It is a long way from the early days of fur trading and remote outposts, as the Toronto based company is looking to expand its retail footprint in the United States.
HBC already owns Saks Fifth Avenue and the Lord and Taylor operations in the USA.
The move toward a possible Macy’s Department Store takeover as the 900 store change, based in Cincinnati is continuing to work through a re-structuring plan.
One of the major assets the Macy’s company has is its widespread real estate in major US urban centres.
The potential deal will face some potential hurdles, but early negotiations are underway, and sources are reporting that those hurdles will likely work themselves out.
Macy’s stock traded up on Friday on the increasing rumours of the negotiations continued.
The Hudson’s Bay Company was founded in 1642 and is one of the oldest corporations in the world.
Hudson’s Bay Company is one of the fastest-growing department store retailers in the world, based on its successful formula of driving the performance of high quality stores and their all-channel offerings, unlocking the value of real estate holdings and growing through acquisitions. Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes ten banners, in formats ranging from luxury to better department stores to off price fashion shopping destinations, with more than 470 stores and 66,000 employees around the world.
In North America, HBC’s leading banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks OFF 5TH, along with Find @ Lord & Taylor and Home Outfitters. In Europe, its banners include GALERIA Kaufhof, the largest department store group in Germany, Belgium’s only department store group Galeria INNO, as well as Sportarena.
