Macy’s received “an unsolicited and non-binding (purchase) proposal from Arkhouse Management and Brigade Capital Management to acquire all of the firm’s outstanding shares for $21 per share in cash, on December 1, 2023,” he explained. in a statement released Sunday night by the company, which also owns Bloomingdale’s.
The Wall Street Journal revealed in December that investors who already own part of Macy’s stock wanted to buy the rest for $5.8 billion.
The chain explained that it has “serious reservations” about the ability of the two groups of investors to “finance” this operation.
Traditional American department stores have suffered a deterioration in their results for years and have been forced to reduce their surface area due to the advance of online sales. The situation has worsened since the coronavirus pandemic.
Macy’s announced Thursday the layoff of 3.5% of its staff. According to its annual report, the group employed around 94,500 people in 722 stores at the end of 2022.
Source: AFP
