In turmoil, American department stores Macy’s have potential buyers salivating

2024-03-04 20:45:40

The Macy’s brand in San Leandro (California). The American group, which saw its turnover fall by 5.5% last year to $23.1 billion, plans to reduce the workforce of its 520 stores by 3.5%.
JUSTIN SULLIVAN / Getty Images via AFP

Funds are offering $6.6 billion to buy the American chain, which will close 150 businesses.

Times are tough for American department stores. After dominating distribution in the United States for more than a century, until the 1990s, they were unable to reinvent themselves or react to the appearance of new competitors and the growth of commerce in line. Number one in the sector, the iconic Macy’s, owner of one of the largest stores in the world, in the heart of Manhattan in New York, has not escaped the turmoil.

The brand, which sells shoes, bags, clothing, jewelry and even cosmetics, announced last week the closure of 150 stores in the United States. The situation is becoming difficult to maintain for the brand, a symbol of shopping across the Atlantic. It recorded a sharp drop in net profit last year, falling from $1.17 billion to €105 million. Its turnover fell by 5.5%, to $23.1 billion. Worse. The group expects a further drop in sales this year.

Read alsoThe struggling Macy’s group reduces its workforce by 3.5%

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