Macy’s Blue Mercury beauty store division on the block, according to report
Macy’s Inc. is reportedly looking to unload its 171-store Blue Mercury beauty business.
That’s according to WWD, which reported that the department store giant started shopping the beauty retailer with the help of Goldman Sachs a little bit before the COVID-19 outbreak closed retail stores in mid-March.
A spokeswoman for Macy’s declined to comment on what she described as “rumors or speculation,” reported WWD; a Goldman Sachs spokeswoman also declined to comment.
Macy’s acquired Blue Mercury from the company’s founders in February 2015 for approximately $210 million in cash. At the time, it has 60 stores, compared to its current count of 171 locations.
The report that Macy’s is looking to sell Blue Mercury come on the heels of other reports that the department store company is considering raising as much as $5 billion in debt to help it weather the financial crisis brought on by the COVID-19 pandemic.