New York – Macy’s has reportedly received a multi-billion dollar takeover bid that would take the department store chain private.
Real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management have offered to buy the storied retailer for $5.8 billion, the Wall Street Journal reported earlier this week.
The offer values the retailer at $21 a share, up from the $17 a share it closed at on the Friday before the news broke.
The companies would be willing to offer more after due diligence, sources said.
Still, Arkhouse and Brigade Capital would be paying a premium for Macy’s, which has struggled in recent quarters as online competition heats up.
In its most recent third quarter, Macy’s reported a 7 percent year-over-year decline in total sales, with both brick-and-mortar and online sales falling.
Macy’s is No. 7 on National Jeweler’s 2023 “$100 Million Supersellers” list, with estimated jewellery and watch sales of $1.7 billion, up from $1.64 billion last year.
