Tuesday, July 10, 2007

Goodbye, Macy's? We hardly knew ye, and no one cared?

Rumors are still swirling that Macy's is on the takeover block, with Andrew Lampert and Sears Holdings being the latest possible buyer.

If so, will anyone in Chicago mourn this transaction? And what of the dirt? Does the Marshall Field & Co. brand return in any way? (Sales are down, down, down, say the media.) Or does the iconic State Street store close like Carson's did, leaving a huge gap right across from the infamous Block 37?

UPDATE: Sears gave guidance today that it will not make its earnings target again this quarter. Needless to say, its stock plummeted. That does not mean Lampert can't go after Macy's, but it is bad news to say the least. Of course, there are those out there who have thought all along that Sears/KMart was a pure dirt play in that the land was worth more than the value of the company, and maybe the same is true with Macy's.

UPDATE 2: Citibank disagrees with other analysts, and it makes some sense, too.