(ThePennyWatcher.com) – Macy’s the retail giant that surely we all have some sort of memories with is being bought out for just under 6 billion dollars.
Multiple investors have apparently come together to close one of the largest private equity buyouts ever with a major retail brand.
The deal looks to be in all cash, and the Macys board is in review of the deal.
Macy’s has thousands of employees, and there will be ramifications including layoffs and even store closures in the future.
From the investors perspective, apparently the are very interested in acquiring the brand for its large amount of real estate assets, and motivation to disrupt their current online presence.
This comes as no surprise as many storefront brands are moving their operations, but for many it’s a sad transition away from old school shopping that is continuing to change with the times.
Nothing is official just yet, but the deal is getting closer and could be finished up with the next month.
Buyout could lead to increased competition in the retail industry, as the new owners may take a more aggressive approach to compete with online retailers like Amazon.
Macys goes way back to 1858 when it opened up as a dry goods store in NYC which later made way for what we know as Macys today. By the mid 1900’s the brand started to experience strong growth and acquire some other retailers.
Macys has been around for a whopping 160 years, and while it isn’t going away it will continue to adapt to the ever evolving online landscape.
