Hudson's Bay Co approaches struggling Macy's about potential takeover

New York

THE Macy's of today grew from the union of several great names in US retailing, including its namesake chain, Bloomingdale's and Marshall Field's.

But the ambitious owner of Saks Fifth Avenue has broached the idea of taking the union further, combining with Macy's to create a department store juggernaut at a time when the industry is reeling. Hudson's Bay Co, the Canadian owner of Saks, has approached Macy's about a potential takeover, people briefed on the matter who were not authorised to speak publicly said on Friday.

Talks between the two companies are at an early stage and may still fall apart or lead to a partnership of some kind rather than a sa…