American department store group Macy's could be about to fall into the hands of private equity. The Independent. The Times

Share in the retailer shot up more than 8% on a report that Kohlberg Kravis Roberts is lining up a $24bn (£11.6bn) buyout, a deal that would be the biggest ever in the retail industry.

KKR is thought to be keen on Macy’s because more than half its property portfolio is freehold. In addition to its 10-storey flagship Macy's store in Manhattan's Herald Square, the company also owns the upmarket Bloomingdales stores.

There are also 850 Macy's department stores across the US, and the retailer had sales of $10.2bn in the first half of this year.

However, Macy’s has been struggling to integrate rival retailer May Department Group, which it bought for $11bn two years ago.