Sat 23 Jun 2007
State Street Macy’s to return to ‘Fields’ status?
Posted by Daniel under Current events
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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June 23rd, 2007 at 9:47 am
That would be awesome if they turned it back. It would be interesting to see how much the sales would boost even in the first day of a switchover. I guess this announcement backs up my ranting with non-Chicagoans in your last Macy’s boost. I’m a Field’s girl by birth.
June 25th, 2007 at 5:45 am
You live by big money, you die by big money… hopefully they saved all those signs to put back on the buildings!
mp/m
June 25th, 2007 at 6:28 pm
KKR should either turn the Macy’s back into a Field’s or make it a roller rink/4-H showcase/Jai-Alai arena/circus prop and equipment emporium and testing ground. I’m going to email Mr. Kravis about that right now.