An investor group has offered another bid to buy out the department store retailer Macy’s, this time offering over $6 billion.
The offer by Arkhouse Management and Brigade Capital would be to purchase Macy’s shares for $24 a piece, equating to about $6.6 billion. The investor group’s previous offer to acquire Macy’s, which was rejected, would have purchased the retailer’s shares for $21 a piece, or roughly $5.8 billion.
“We remain frustrated by the delay tactics adopted by Macy’s Board of Directors and its continued refusal to engage with our credible buyer group,” Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said in a statement. “Nonetheless, we are steadfast in our commitment to execute this transaction.”
In response to this offer, Macy’s issued a statement that it would “carefully review and evaluate” the group’s proposal, which will include consulting “its financial and legal advisors” on it.
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The investor group’s newest offer comes a week after Macy’s announced that it would be closing 150 of its locations within the next three years, 50 of which will be closed within the outlet’s current fiscal year. These closures are part of Macy’s “bold new chapter” plans, which include prioritizing investment in the remaining 350 stores it will still have by the end of 2026.
Other steps that Macy’s announced it is taking in the future include increasing investing in its other brands, such as Bloomingdale’s and beauty store Bluemercury.
