State Street Macy’s to return to ‘Fields’ status?
According to a piece in today’s Chicago Sun-Times, the Macy’s on State Street may be up for sale.
Either that, closed down or returned to its Marshall Fields origins, Sandra Guy reports.
Who’s the potential buyer? An equity firm. (Figures, no?) It’s rumored that Kohlberg Kravis Roberts and Co. will pay $52 a share. Macy’s shares jumped more than 6 percent yesterday to end up at $41.43 per share. Keep in mind, too, that this is the same group that bought out RJR Nabisco in the 1980s.
Guy also reported that a sale could take place sometime this weekend, but it’s clear that KKR would have three options:
1) Buy it and leave it a Macy’s
2) Buy it and turn it back into a Fields
3) Buy it, close it and sell it, which, given KKR’s track record, is a possibility.
It’ll be interesting to see what happens!
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