Connect with us

Headlines

Macy’s Gets $5.8 Billion Buyout Offer

Reported deal to take retailer private values it at $21 a share.

mm

Published

on

Macy’s Gets $5.8 Billion Buyout Offer
Buyout on 34th Street? Investors have offered to buy Macy’s stores, including its famed New York flagship. PHOTO: Alexandre Fagundes/iStock.com

An investor group, consisting of Arkhouse Management and Brigade Capital Management, has offered to buy Macy’s Inc. (New York) for $5.8 billion, according to people familiar with the matter, CNBC reports. The offer values the retailer at $21 per share, a premium over its most recent close (Dec. 8) at just over $17 per share.

As of this posting, none of the partners involved in the potential deal has commented on the record. The story was first reported by The Wall Street Journal.

Arkhouse primarily targets real estate investment, while Brigade Capital is an asset management firm. The two would be willing to raise their bid based on due diligence, the sources said.

Macy’s has made several efforts to draw customers back to its brick-and-mortar outlets. In October, it announced plans for 30 new smaller-format store locations at strip malls as it tried to pivot away from the traditional shopping mall. Despite the turnaround efforts, Macy’s sales have declined 7 percent yearly, the retailer said in its most recent quarterly earnings report.

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

Advertisement

SPONSORED VIDEO

Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

Promoted Headlines

Most Popular