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.
Editors' Picks
Sponsored by
More on Majors
The Latest
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
Weekly QuizAug 20, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
AuctionsAug 20, 2026
Storied Unicorn Brooch Up for Auction Gallops to New Home The Verdura brooch, which belonged to the late Virginia Fortune Ryan Ogilvy, was sold to a private collector in Asia.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 20, 2026
MJSA Education Foundation Names 5 Scholarship WinnersThe five students were awarded a total of $10,000 through the nonprofit’s 2026 “Future of Jewelry Making” scholarship.
Policies & IssuesAug 19, 2026
Spinelli Kilcollin Embraces Dupes With Trade-In ProgramThe jeweler is encouraging customers who own lookalike rings to come into the store and trade them for credit towards an authentic piece.
MajorsAug 19, 2026
Zales Wants You to Wear Fine Jewelry Every DayThe new campaign, “You Are The Occasion,” discourages shoppers from saving their fine jewelry for special occasions only.
SourcingAug 19, 2026
Vasant Mehta, a Dedicated Diamond Industry Leader, Dies at 81Mehta led India’s GJEPC through the 2008 financial crisis and was respected worldwide for his wisdom, integrity, and knowledge.
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner’s Tequila Brand Collab on GiveawayThe jeweler has partnered with 818 Tequila to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
SourcingAug 13, 2026
2,488-Carat Diamond, Largest Found in Botswana, Has a New Owner Lucara Diamond Corp., which recovered the “Motswedi” diamond from the Karowe mine, sold the stone for an undisclosed amount.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
