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Macy's files lawsuit to keep Amazon billboard from atop Herald Square flagship: media reports

Macy's Inc. (M) is involved in a legal battle with landlord Kaufman Organization in order to keep an Amazon.com Inc. (AMZN) billboard from going up atop its Herald Square flagship location, according to media reports. The lease for the advertising billboard, which had been held by Macy's for more than 50 years, expired in August. The department store retailer says an Amazon replacement would do "immeasurable" harm to its business, according to court papers. Macy's announced earlier this month that it will bring back its iconic Thanksgiving Day parade, which ends at the Herald Square location, for a live audience as well as those watching from home. Macy's stock has skyrocketed 121.5% for the year to date. Amazon shares are up 2.1%. And the benchmark S&P 500 index has gained 16.6%.

-Tonya Garcia

 

(END) Dow Jones Newswires

09-29-21 1436ET

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