Staff Reports
An investor group is making moves to buy out the department store giant Macy’s, offering up a sweet $6 billion deal. You heard that right – BILLION! The offer by Arkhouse Management and Brigade Capital would be to snatch up Macy’s shares for $24 each, which adds up to a whopping $6.6 billion. If you thought that was a lot, wait until you hear this – their previous offer got the cold shoulder, but it would’ve scooped up Macy’s shares for a measly $21 a pop, or about $5.8 billion.
Investor group increases bid to buy Macy’s to over $6 billion https://t.co/sbWPi7azCb https://t.co/sbWPi7azCb
— Washington Examiner (@dcexaminer) March 5, 2024
The big wigs at Arkhouse Management and Brigade Capital are none too pleased with Macy’s Board of Directors, accusing them of dragging their feet and refusing to meet their demands. They’re like, “Hey, we’re serious buyers here, why won’t you talk to us?” In response, Macy’s issued a statement saying they’ll “carefully review and evaluate” the offer, whatever that means. You can just imagine the tense atmosphere in those board meetings!
And if that ain’t enough drama for you, last week Macy’s announced that they’re pulling the plug on 150 of their stores in the next three years. And get this – 50 of ’em are getting the boot this year! It’s all part of their “bold new chapter” plans, which means they’re going all in on the 350 stores they’ve got left. That’s a lot of stores, folks.
But wait, there’s more. Macy’s is also doubling down on their other brands, like Bloomingdale’s and beauty store Bluemercury. Looks like they’re trying to juggle all their eggs in different baskets. How’s that gonna pan out? Only time will tell!
