Macy's Ends Buyout Talks with Arkhouse

Macy's has ended buyout talks with Arkhouse Management and Brigade Capital Management, citing an offer that lacked compelling value and certainty of financing. The investor group had revised their proposal several times, most recently offering $24.80 per share, valuing Macy's at $6.9 billion, but it was deemed insufficient. Macy's provided extensive information and documentation during the negotiations, but ultimately found the proposal non-actionable. The department store chain will now focus on its turnaround strategy, which includes job cuts and the closure of 150 stores by 2026. Macy's shares dropped significantly following the announcement, reflecting investor disappointment. The company aims to enhance shareholder value through its strategic initiatives under new CEO Tony Spring.