Macy's has reportedly been approached about a takeover by Canadian retailer Hudson's Bay (M)

pulse

February 3, 2017 4:27 PM

Macy's has received a takeover offer from Canadian retailer Hudson's Bay, according to a report from the Wall Street Journal.

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Hudson's Bay is also the owner of retailers Saks Fifth Avenue and Lord & Taylor.

Macy's has faced declining sales while it struggles with the impact of online shopping on its stores. The company has also been on a spree of store closures, with another 68 closings being announced in January.

On the news, Macy's stock shot up. As of 10:33 a.m. share were trading higher by just over 8% at $33.22 a share.

A spokesperson for Macy's was not immediately available for comment.

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