After rejecting takeover bid, Macy’s aims to reverse falling sales

11 months ago 18

Over the last weekend, struggling retailer Macy’s announced a verdict on an aggressive bid from investment firms Arkhouse Management and Brigade Capital Management to take over the company and make Macy’s, publicly traded since the early ’90s, into a private company.

The two companies offered a combined $5.8 billion to buy Macy’s, but on Sunday, Macy’s board rejected the offer. It cited both financial concerns and worries that Arkhouse and Brigade don’t have the necessary experience and knowledge to successfully operate a retail company.

Both Macy’s and its prospective buyers declined to answer questions about the proposed deal, but offered statements explaining their reasoning.

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