Shares of Macy’s soared more than 17% early Monday on a Wall Street Journal report that the iconic 165-year old retailer closely associated with the holiday season might itself be bought. Spokespeople for Macy’s and Arkhouse had no comment on the Journal report. “Where Arkhouse likely sees value is in Macy’s real estate,” said Neil Saunders, a retail analyst with GlobalData. “Unless some of those profits were reinvested in revitalizing the core retail business, it would leave Macy’s in the worst of all worlds,” he said. “The US consumer, particularly at Macy’s, pulled back more than we anticipated,” Macy’s CEO Jeff Gennette said on an earnings call Thursday.

Source: CNN December 11, 2023 17:56 UTC