The Knot Buys Back 10.7% Stake From Macy’s For $37.7 Million
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
The Knot Inc. said earlier this week that they are buying back stake in their company from Macy’s. They are buying 10.7% stake back for $37.7 million. The shares were bought back at a closing price of $10.26. Macy’s CFO Karen Hoguet said that Macy’s achieved their strategic goals as a shareholder and will continue to partner with The Knot. “Macy’s and its predecessor department stores have been long-time, valued shareholders of The Knot and our subsidiary WeddingChannel.com,” said Knot Chief Executive David Liu said in an interview with the WSJ.