Macy’s said their revised proposal to buy the department store chain lacks the certainty of financing and does not provide compelling value
has terminated discussions with Arkhouse Management and Brigade Capital, saying that their revised proposal to buy the department store chain lacks the certainty of financing and does not provide compelling value.The company disclosed on Monday that the investor group had revised its offer on June 26 to buy the department store’s stock it does not already own for $24.80 apiece, up from $24 per share offered in March.
The deal talks came at a crucial time when Macy’s, which traces its roots to a dry goods store set up in New York in 1858, has rolled out a turnaround plan under new CEO Tony Spring that focuses on job cuts and 150 store closures through 2026.
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