Majors

Macy’s Rejects Billion-Dollar Buyout Offer

MajorsJan 23, 2024

Macy’s Rejects Billion-Dollar Buyout Offer

The retailer said Arkhouse Management and Brigade Capital Management failed to provide evidence of a viable plan to finance the deal.

Macy’s Great Tree Chicago
The “Great Tree” inside the Walnut Room of the Macy’s State Street store in Chicago. The publicly traded department store chain, which also owns Bloomingdale’s, has rejected an offer that would have taken it private. (Photo courtesy of Macy’s Inc.)
New York—Macy’s Inc. announced Sunday that it is not interested in the $5.8 billion buyout offer floated by an investor group that would have taken the storied department store chain private.

In a statement published Sunday, the retailer acknowledged that on Dec. 1, it received an unsolicited offer from Arkhouse Management Co. LP and Brigade Capital Management LP to buy all the shares of the company they do not already own for $21 each in cash. 

That is 19 percent higher than the retailer’s closing share price on Friday, $17.63.  

Macy’s said while its board of directors and management team are “committed to driving long-term value” for the retailer and are “open-minded about the best path to achieve this objective,” it questions Arkhouse and Brigade’s ability to finance the $5.8 billion deal. 

It also noted the proposal’s “lack of compelling value.” 

In a letter sent to Arkhouse and Brigade on behalf of the retailer’s board of directors, Macy’s Chairman and CEO Jeff Gennette wrote, “The board does not see a basis to enter into a non-disclosure agreement or provide any due diligence information in response to your proposal. 

“Such an exercise would unnecessarily distract our management team as it continues to drive value for shareholders through execution of our business strategy and value creation levers.” 

 Related stories will be right here … 

Macy’s has struggled in recent years, as it has been slow to adapt to online shopping, has lost sales to online players as well as other brick-and-mortar retailers, and has been hurt by the drop in mall foot traffic.

It recently announced plans to lay off about 3.5 percent of its workforce, including 13 percent of its corporate staff, and close five stores in an attempt to cut costs, as first reported by The Wall Street Journal.

The Journal also was first to report news of the buyout offer, citing unnamed sources in a story published Dec. 10.

Macy’s ranks No. 7 on National Jeweler’s list of “$100 Million Supersellers” in the latest State of the Majors report, with an estimated $1.70 billion in watch and jewelry sales in 2022. 

The Latest

Jacob and Co Loewe headphones
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. Headphones

Jacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.

Tiffany & Co Favrile Beetle Necklace in Frankenstein
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’

Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.

Anglo American’s Quellaveco copper mine in Peru
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner

Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

The Mellon Blue diamond
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s

The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.

Weekly QuizSep 04, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Dianne Batista Phillips Auctions
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New York

The industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.

Anastacia Lauren, Elle Jerge, Logan Nye
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship Winners

The nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Korman jewelry store Austin
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in Austin

The Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.

Logos for Manufacturing Jewelers & Suppliers of America and Jewelers of America
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s Umbrella

The two organizations have finalized and signed the affiliation agreement announced in May.

Sothebys JAR and Suzanne Belperron jewels
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron Jewels

The single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.

A street in Carlsbad California
Events & AwardsSep 08, 2025
27 Can’t-Miss Converge Sessions, Events

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

National Jeweler columnist Peter Smith
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman

Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.

Jamie Turner Victoria Labradorite Necklace
CollectionsSep 05, 2025
Piece of the Week: Jamie Turner’s ‘Victoria’ Necklace

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Stock image of the U.S. Supreme Court
Policies & IssuesSep 05, 2025
Trump Takes Tariffs Case to the Supreme Court

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

Patrick Mahomes Hublot campaign
WatchesSep 05, 2025
Patrick Mahomes Is the New Hublot Brand Ambassador

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.

gia-edu main image.png
Supplier BulletinSep 04, 2025
A Brilliant Future Is Here

Sponsored by GIA

Lucara pink diamond
SourcingSep 04, 2025
Lucara Unveils Unusual 37-Carat Pink Diamond

The Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.

Shot from Breitling new NFL campaign
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

NYC Jewelry, Antique, & Object Show Autumn 2025
Events & AwardsSep 04, 2025
The NYC Jewelry, Antique, & Object Show Returns in November

NYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.

Fabergé x Gemfields Malaika Egg
SourcingSep 03, 2025
Gemfields Confirms Completion of Fabergé Sale

U.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.

Claire’s storefront
MajorsSep 03, 2025
These Are the Nearly 300 Claire’s Stores Set to Close

A new court filing details the locations of the stores that will close, as well as the 830 that will remain open.

Stuller’s Tools, Equipment, & Metals and Findings & Metals Catalogs
MajorsSep 03, 2025
Stuller Releases 2 New Catalogs

The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”

Effy Jewelry Multicolor Sapphire Bangle
TrendsSep 03, 2025
Amanda’s Style File: A Perfect Birthstone

Sapphire’s variety of colors make it the perfect birthstone for September.

Woman with hands crossed wearing jewelry
FinancialsSep 02, 2025
Lab-Grown Diamonds, Lower-Priced Fashion Jewelry Drive Signet Jewelers’ Q2 Sales

The retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.

Jean-Christophe Bédos Birks
MajorsSep 02, 2025
Birks CEO Jean-Christophe Bédos Steps Down

Niccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.

Harry Winston Ginza Flagship Exterior, Interior
MajorsSep 02, 2025
Harry Winston Opens Its Largest Flagship in Japan

The three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy