MajorsJan 18, 2024
Quality Gold Is Making Another AcquisitionMajorsJan 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.
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 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.”
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.
More on Majors
The Latest
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
