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.
More on Majors
The Latest
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
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.
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
CrimeAug 03, 2026
Florida Man Gets 15 Years in Trio of Jewelry Store RobberiesThe 50-year-old man pleaded guilty earlier this year to robbing two jewelry stores and a pawn shop of more than $700,000 in merchandise.
WatchesAug 03, 2026
Citizen's New Spider-Man Watch Is a Collector’s DreamThe watch’s dial features an original design by Marvel comics illustrator Adam Kubert.
Lab-GrownAug 03, 2026
Chatham Releases First Men’s CollectionThe new collection of lab-grown diamond and colored gemstone jewelry provides a “fresh perspective” on the category, Chatham said.
TrendsAug 03, 2026
Amanda’s Style File: Spinel vs. Peridot While some August babies are team peridot, the month's time-honored birthstone, others are team spinel, the newer alternative.
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
