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Macy’s Inc (M) Stock Spikes on Sale Rumors

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Macy's Inc (NYSE: M ) stock was up today on rumors that the retailer is considering a sale.

According to these rumors, Macy's Inc CEO Terry Lundgren is looking to sell the company to a friendly buyer. The rumor claims that he wants to do this to preserve the company's Board of Executives after he steps down as CEO later this quarter.

Macy's Inc has been facing criticism from activist investor Jeffrey Smith's Starboard Value. Smith is reportedly not happy with the company's performance and may be trying to gain seats on the Board. He wants the company to focus more on its real estate value. One unnamed insider claims that the company would rather sell itself than let Starboard have its way.

Hudson's Bay Company is among the list of companies that Macy's Inc may be interested in selling itself to. Hudson's Bay already operates the Saks Fifth Avenue and Lord & Taylor brands. There's also talk that a real estate investment trust that is teaming up with a private equity firm is considering buying the retailer, reports New York Post .

Macy's Inc isn't the only retailer that has been having problems lately. The Limited Stores recently filed for bankruptcy after closing down all of its stores. Teen clothing retailer Wet Seal announced last week that it is closing down all of its stores as well. Sears Holdings Corp (NASDAQ: SHLD ) is also closing a large number of Sears and Kmart stores in 2017 .

M stock was up 5% as of Noon Thursday, but is still down 13% year-to-date.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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