12 Takeover Rumors Targeted by Short Sellers

7. Macy’s, Inc. (NYSE:M)

Short Percentage of Float: 11.24%

Macy’s, Inc. (NYSE:M) is one of the takeover rumors targeted by short sellers.

In a mid-April 2026 report, Macy’s was said to be closing another store in Northern California as part of its ongoing fleet reduction, keeping the retailer’s restructuring story active right up to publication. On its own, one more closure is not a thesis-changing event, but it does reinforce that Macy’s is still shrinking weaker parts of the chain while trying to improve the quality of what remains. That matters because the company is still selling investors on operational repair rather than a sale.

That framing fits with Macy’s March 6, 2026, earnings update, where management said the first 50 locations under its “Bold New Chapter” strategy continued to outperform the broader fleet. The company also stuck with its larger plan to close underproductive stores and improve execution across digital and physical retail. In other words, Macy’s is still trying to prove that a self-help turnaround can create more value than financial buyers offered.

That is the backdrop for why the takeover angle still lingers. In July 2024, Macy’s rejected a roughly $6.9 billion bid from Arkhouse Management and Brigade Capital and chose to pursue its own turnaround instead. The talks ended, but the logic behind the speculation never fully disappeared: Macy’s still has real estate, recognizable brands, and a turnaround plan that can look either patient or frustrating depending on the quarter. If store closures and operational fixes start to work, management looks vindicated. If progress remains uneven, takeover chatter can come back to life like retail mold.

Macy’s, Inc. (NYSE:M) is a department store operator whose portfolio includes Macy’s, Bloomingdale’s, and Bluemercury.