Canadian retailer Hudson's Bay eyeing US retailer Macy's

New York

HUDSON'S Bay Co has made a takeover approach for retailer Macy's Inc, which has struggled with a turnaround, people familiar with the matter said, as the owner of the Lord & Taylor and Saks Fifth Avenue chains tries to push further into the United States market.

While Hudson's Bay faces major financing and operating challenges in completing a deal, it could use its existing foothold in the US to save on administrative costs and have more negotiating power with its vendors.