
An outside investor wants to take over Macy’s Inc. (NYSE: M), which has recently closed stores and offered Wall Street a less than satisfactory future. The battle will determine if new management takes the helm or is thrown out just as it takes the retailer’s leadership. On the other hand, a new owner may decide Macy’s best years are behind it without a radical redirection.
Arkhouse Management and Brigade Capital Management want to take Macy’s private and are willing to pay $5.8 billion. That is equivalent to $21 a share. Macy’s has traded at about $17 recently. Its share price started to collapse about a year ago and has not recovered.
Macy’s board thinks the outside investors may not have access to the capital they need to close a deal. The board attacked the two investors. They released a statement that said, “The Board has determined not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade.” Of course, the two investors say access to capital is not an issue.
The Problem With Macy’s

Less than a week ago, Macy’s closed five stores and laid off 2,300 people. The retailer announced, “As we prepare to deploy a new strategy to meet the needs of an everchanging consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company.”
In October, Tony Spring took the CEO’s job at Macy’s. Investors may think this is not much of a replacement. Spring ran Macy’s Bloomingdale’s division. An outsider would have been an admission Macy’s needed major change to improve its fortunes.
Likely, the battle between the two outside investors and Macy’s board is not over. The fight may end in court, or the investors may convince institutions with money in the retailer that management cannot turn the company around.
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.