Report: Equity firm mulls bid for Macy's
New York — (AP) - There's word that private equity firm Kohlberg Kravis Roberts is interested in buying Macy's.
Women's Wear Daily is reporting that the private equity firm is considering an offering of about $24 billion, or $52 per share, and that there could be an agreement in principle within a few days.
Macy's, which also operates Bloomingdale's, has been facing challenges like a weakening home market, which has depressed its home furnishings sales.
Last September, the company converted most of its former May Company stores into Macy's, transforming Macy's into a national department store brand.
But the turnaround of the former May stores has not been progressing as well as expected.
(Copyright 2007 by The Associated Press. All Rights Reserved.)