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Hudson's Bay bid for Macy's stumbles: sources

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Despite reporting a 3.5% drop in comparable sales in the fourth quarter, Macy's remains profitable, posting net income of US$611 million in the 12 months to Jan 28, down from US$1.07 billion a year earlier.

New York

CANADA'S Hudson's Bay Co, owner of the Lord & Taylor and Saks Fifth Avenue retail chains, has yet to line up equity financing for a bid for Macy's Inc, over a month after approaching its US peer, people familiar with the matter said.

Hudson's Bay's challenges in

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