12.12.23
Arkhouse Management, a real-estate focused investment firm, and Brigade Capital Management, a global asset manager, has made a $5.8 billion offer to buy Macy’s, with the goal of taking the department-store chain private.
The Wall Street Journal reported the offer on Sunday.
The investor group, which already has a large stake in Macy’s, has discussed the proposal with the department chain, and the board has already met to discuss the offer, although it is not clear how the retailer views the proposal.
The offer values Macy’s at about $21 a share. Macy’s also boasts a robust real estate portfolio, headlined by its Herald Square location in New York City.
However, Reuters says it is unclear whether the buyout will go through. Arkhouse and Brigade have not previously done anything of this magnitude.
Two years ago, Arkhouse made an unsuccessful $2.4 billion bid for real estate investment trust Columbia Property Trust.
In November, Macy’s reported net sales of $5 billion for the third quarter of 2023, down 7% versus the third quarter of 2022.
The Wall Street Journal reported the offer on Sunday.
The investor group, which already has a large stake in Macy’s, has discussed the proposal with the department chain, and the board has already met to discuss the offer, although it is not clear how the retailer views the proposal.
The offer values Macy’s at about $21 a share. Macy’s also boasts a robust real estate portfolio, headlined by its Herald Square location in New York City.
However, Reuters says it is unclear whether the buyout will go through. Arkhouse and Brigade have not previously done anything of this magnitude.
Two years ago, Arkhouse made an unsuccessful $2.4 billion bid for real estate investment trust Columbia Property Trust.
More Macy’s News
Earlier this year, chairman and chief executive officer of Macy’s Inc., Jeff Gennette, announced plans to retire in February 2024.In November, Macy’s reported net sales of $5 billion for the third quarter of 2023, down 7% versus the third quarter of 2022.
