Macy’s Inc. has received a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management, according to people with knowledge of the matter.
The investors offered $21 a share for the department store operator, the people said, asking not to be identified because the deal has not yet been publicly announced. Macy’s stock closed at $17.39 on Friday, having fallen 16% this year.
Macy’s did not immediately respond to requests for comment on the deal, as first reported by the Wall Street Journal on Sunday. Arkhouse and Brigade Capital declined to comment.
Retailers have lagged the broader rally in U.S. stocks this year as investors worry that higher interest rates will dampen spending and as companies have struggled to maintain the pandemic’s pace of growth. Department stores in particular are facing a broader shift in consumer behavior as shoppers increasingly focus on specialty stores and stores outside of malls.
Macy’s, which operates the Bloomingdale’s chain alongside its own namesake department stores, last month reported a 7% decline in same-store sales in the third quarter.
— With help from Crystal Tse and Matthew Monks