MajorsMar 26, 2024
Nordstrom May Go Private, Says ReportMajorsApr 11, 2024
Macy’s Opens Books for Possible Buyout
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
Macy’s is now sharing certain confidential due diligence information with two firms in talks to potentially acquire the retailer.
New York—Macy’s Inc. may be one step closer to a buyout.
The retailer is sharing certain confidential due diligence information with real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management.
The companies offered Macy’s a $6.6 billion buyout deal, their second offer after the retailer declined their initial offer of $5.8 billion.
“The board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the company and all Macy’s Inc. shareholders,” the retailer said in a statement published Wednesday.
Macy’s has been battling declining sales, and recently announced it was implementing another turnaround plan, this one dubbed “A Brand New Day.”
The plan entails closing 150 Macy’s stores over the next three years while investing in the remaining locations and opening more stores for its luxury brands, Bloomingdale’s and Bluemercury.
Related stories will be right here …
The retailer is sharing certain confidential due diligence information with real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management.
The companies offered Macy’s a $6.6 billion buyout deal, their second offer after the retailer declined their initial offer of $5.8 billion.
“The board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the company and all Macy’s Inc. shareholders,” the retailer said in a statement published Wednesday.
Macy’s has been battling declining sales, and recently announced it was implementing another turnaround plan, this one dubbed “A Brand New Day.”
The plan entails closing 150 Macy’s stores over the next three years while investing in the remaining locations and opening more stores for its luxury brands, Bloomingdale’s and Bluemercury.
The retailer also announced that one of the potential buyers, Arkhouse Management, ended its proxy contest after Macy’s appointed two of its nine nominees to the board and its finance committee.
The new independent directors are Richard (Ric) Clark and Richard (Rick) L. Markee.
Arkhouse had been challenging Macy’s board, nominating nine director candidates to the 14-member board following Macy’s rejection of its initial buyout offer.
Following the appointments of Clark and Markee, Arkhouse agreed to withdraw its seven other director nominations.
Clark and Markee will join the board’s Finance Committee, which will also oversee the acquisition proposal.
The company also implemented previously announced board changes, appointing CEO Tony Spring as its chairman. Douglas W. Sesler has been appointed as an independent director.
Former Macy’s CEO Jeff Gennette and board member Frank Blake will retire.
“The Macy’s, Inc. board is committed to acting in the best interests of all Macy’s, Inc. shareholders, and the composition of our board is something we take seriously,” said Paul Varga, lead independent director of Macy’s.
“We are thrilled to have Tony serving as chairman moving forward, which completes our previously announced company and board leadership succession plan. Further, adding Ric and Rick, along with Doug, our other recently announced new director, to the board will provide us with a valuable mix of expertise as we continue to oversee the company’s strategic direction.”
Macy’s ranked No. 7 on National Jeweler’s 2023 “$100 Millon Supersellers” list, with an estimated $1.7 billion in jewelry and watch sales, up from $1.64 billion the previous year.
Editors' Picks
Sponsored by
More on Majors
The Latest
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
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.
SourcingApr 09, 2026
AGA To Honor ‘Quiet Leadership’ With New AwardThe Alan Hodgkinson Medal recognizes gemologists who are consistently generous with their time and expertise.
Weekly QuizApr 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 09, 2026
Oris Names New CEO, CFOThe Swiss watchmaker is changing up its executive leadership team as part of a restructuring.
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
SourcingApr 08, 2026
Sale of 42-Carat Blue Diamond Gives Petra a Boost in Q3The big diamond’s sale added to the company’s revenue though the market remains “challenging” overall, particularly for smaller goods.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
