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
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
Brought to you by
Are Earrings an Overlooked Category? What Retailers Need to Know NowAs the holiday season quickly approaches, consider stocking one category that sometimes gets overlooked: earrings.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & WatchesAlexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the HolidaysRetailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva AuctionThe nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.
SourcingOct 22, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New PerchChief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume ChallengeFive dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New OwnerRecently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
Lab-GrownOct 21, 2025
Grown Brilliance Opens First FlagshipThe New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink DiamondMaking its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby MineThey were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.
SourcingOct 20, 2025
Pristine Gems Names New Director of European SalesGemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYCThe new showcase dedicated to Italian jewelry design is set for Oct. 29-30.
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ EarringsTake a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.
