Macy's Inc. is up for sale, if you believe the rumors. Arbitragers have approached some of the troubled department store chain's landlords about possibly buying the company to unlock the value of its owned real estate at their properties.
Brookfield Asset Management, Hudson's Bay owner NRDC, Simon and GGP have all been mentioned as potential buyers.
Many of these landlords have already purchased some anchor stores at their properties back from Macy's. Brookfield inked a deal with the retailer to sublet and redevelop some of its store space at high-profile locations.