Feb 06, 2017 09:48 AM EST

Macy’s Up For Sale: CEO Prepares To Step Down Soon

Macy’s was able to have a good comeback after the Great Recession. However, things do not seem to go well since the store’s longtime CEO, Terry Lundgren is open for buyers of the retail company. Lundgren, who is also set to step down later this quarter, seems to be losing his confidence in Macy’s given its declining sales and earnings.

According to New York Post, Lundgren is trying to sell U.S.' largest department store. Sources said that he has been in talking terms about offers from potential buyers. Lundgren is said to be doing this in order to prevent an untoward problem with the board. There have been talks that some private equity firms, as well as other industries, were contacted by real estate investors regarding Macy’s being up for sale.

A spokesperson of Macy’s was quick to say that they “do not comment on rumors and speculation.”

Reportedly, Jeffrey Smith of Starboard Value, the activist New York hedge fund is said to be fed up with Macy’s poor performance since he also invested in it in July 2015. But then a source said that Smith is aiming for a seat on Macy’s board and described the situation as a “looming proxy battle.” Starboard is yet to comment on it.

But then a source that is familiar with the said situation said that Macy’s is most likely to sell the company rather than to deal with Starboard.

USA Today reported that Macy’s is still is in an early stage of selling off and a lot of things could still happen. Aside from that Macy is also working on good deals for its flagship stores in Manhattan and Chicago. Both properties combined are said to be worth as high as $5 billion.

Meanwhile, Jobs & Hire shared shopping tips from retail workers in order for you to completely make the most of your shopping spree.

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