New York CNN —Macy’s has rejected a $5.8 billion offer to take the 165-year-old retailer private, announcing late Sunday that the “unsolicited proposal lacks compelling value.”Last month, Arkhouse Management, a real estate-focused investing firm, and Brigade Capital Management, a global asset manager, offered to buy the remaining Macy’s shares it doesn’t own at a 32% premium.
The company first opened in 1858 and now operates about 500 Macy’s branded stores, as well as 55 of the more upscale Bloomingdale’s chain.
Macy’s has attempted numerous strategies in recent years to revitalize its business, such as new brands and smaller stores, but the moves have not altered its long-term trajectory.
Its stock price has dropped 75% from a peak of $73 a share in 2015.
Since then, it has closed nearly 300 stores — almost one-third — leaving about 700 across its brands.
Persons:
New York CNN — Macy’s, “, ”, Jeff Gennette, ” Arkhouse, Arkhouse, ” Macy’s, Macy’s, CNN’s Nathaniel Meyersohn
Organizations:
New, New York CNN, Arkhouse Management, Brigade Capital Management, Brigade
Locations:
New York