Arkhouse Management, a real-estate-focused investing firm, said on Sunday it and Brigade Capital Management have raised their offer for Macy’s after the department store chain rebuffed their prior proposal as too low. The firms are now offering to acquire Macy’s stock they don’t already own for $24 per share, about 14% more than its previous offer of $21 per … Read more
The Macy’s San Francisco flagship, once a bastion of business for the department store chain, appears headed for closure. The shutdown is seen as part of Macy’s Inc.‘s plan to close 150 underperforming stores beginning next year, leaving the retail brand with 350 department stores. The mass closing plan was disclosed Tuesday. While closing many … Read more
Macy’s said Tuesday that investor Arkhouse Management has nominated nine individuals to its board, setting off a proxy battle just a month after the department store rejected a $5.8 billion go-private bid. The company had rejected the offer from Arkhouse and Brigade Capital on concerns over valuation, while it continues discussions for more information on deal financing. Macy’s … Read more
Macy’s CEO Tony Spring will officially grab the reins on Sunday as the storied retailer faces slowing sales growth and takeover threats. Spring, 58, who has climbed the ladder at high-end sister company Bloomingdales, has been Macy’s CEO-elect since last March — when Jeff Gennette announced plans to retire. “I am excited to take on … Read more
Macy’s Inc. is trying to move on from Arkhouse Management and Brigade Capital Management — and their $5.8 billion offer to buy the chain. After nearly two months of all the parties keeping mum, Macy’s confirmed that the pair of investors offered to take the company private for $21 a share, while the investors signaled … Read more
Arkhouse Management and its partner Brigade Capital Management on Dec. 1 made a $5.8 billion proposal to take department store chain Macy’s private, Arkhouse confirmed on Sunday. Arkhouse Management, a real-estate-focused investing firm, and Brigade Capital Management, a global asset manager, submitted a proposal to acquire the Macy’s stock they don’t already own for $21 … Read more
Macy’s Inc. is laying off about 2,300 employees, accounting for 3.5 percent of the retailer’s total workforce. Macy’s Inc., the parent of the Macy’s, Bloomingdale’s and Bluemercury brands, disclosed the cuts Thursday afternoon. Within this round of employee reductions, most are occurring at the corporate office, though Macy’s is also closing five of its department … Read more
On a crisp December afternoon in Union Square, I rode four flights of escalators up to the restaurant at the top of Neiman Marcus. Inhaling the heavy scent of mall perfume and tinny din of holiday tunes, I tried to catch glimpses of the department store’s towering Christmas tree light fixture on the way up. … Read more
There is unlikely to be many retailers or funds interested in bidding for Macy’s Inc., but one possible bidder could be Sycamore Partners. Two sources told WWD that Sycamore, a New York-based private equity fund specializing in consumer, distribution and retail-related investments with about $10 billion in aggregate committed capital, is eyeing Macy’s for a possible bid. … Read more
An investor group reportedly offered $5.8 billion to buy Macy’s and take the major American department store chain private. Real-estate focused investing firm Arkhouse and Brigade Capital Management, an asset management company, submitted a proposal to acquire the Macy’s stock they don’t already own on Dec. 1, people familiar with the matter told The Wall … Read more
