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.

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