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

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 putting together a firm offer are a blow to the ambitions of its majority owner and executive chairman Richard Baker, who built a retail empire relying on real estate financing as much as his knowledge of the retail sector.