If Popular Macy’s Sells, What Happens to Michigan Locations?
If you've been to a mall anywhere in Michigan, there's a good chance you've been in a Macy's store.
Afterall, they have 14 locations in lower Michigan.
See Also: Will Big Lots Close Stores in Michigan?
When did Macy's open for business?
Macy's opened for business in 1858. The retailer is a big part of America's history when you consider how the store has evolved to meet the needs of shoppers, over time.
The retailer's legacy is a big reason there's a Macy's Thanksgiving Day Parade and a "Christmas Shopping Season."
Now, the historic company may be headed for serious change as investors are making plans for a $5.8 billion buyout.
Who is trying to buy Macy's?
Private Equity investors want the real estate -- at least, that's what the firms making the offer are known for, according to many reports.
Let's be clear, as of this article, the retailer hasn't responded to a possible buyout.
Like many retailers, sales at Macy's have softened dramatically in the Amazon and internet age.
What happens to Macy's Michigan locations and malls, if the company is sold?
While we don't want to speculate / freak anyone out, it's worth noting what has happened to other major retailers after private equity takeovers.
They went out of business...
- Lord & Taylor
- Toys R Us
- Payless ShoeSource
- Sports Authority
- The Limited
- Wet Seal
That's just a few of them... driven to bankruptcy, instead of getting a major reinvestment/overhaul they needed to be competitive.
Most Macy's stores in the Mitten state are attached to malls. Really old malls, high-end malls... Malls that used to have another historic retailer, now, barely hanging on... Sears.
Let's hope this isn't another major blow to malls, the retail center of several Michigan suburbs & cities... Let's hope the iconic brand gets the TLC it needs.