The investors have been trying to acquire Macy’s since December. But Macy’s rejected a previous offer to buy the company in January. In March, the investors upped its offer and Macy’s agreed to enter into talks about the bid, while also allowing two of Arkhouse’s nominees to join its board’s finance committee, which was responsible for overseeing the evaluation of the buyout proposal.
However, in a recent statement, Macy’s said it terminated the discussions with the two investors because their buyout proposal “fails to provide compelling value” and it was uncertain how it would be financed.
The department store chain will instead stick with its own strategy, led by new CEO Tony Spring, which includes closing underperforming Macy’s stores and investing in its luxury Bloomingdale’s and Bluemercury chains. Earlier this year, the department store operator announced job cuts and 150 store closures through 2026 as part of the turnaround plan.
