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
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused AwardThe winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.
SourcingJun 10, 2025
De Beers Turns to Brown, Yellow Diamonds for New ‘Beacon’“Ombré Desert Diamonds” will emphasize cream-, champagne-, and brown-colored diamonds, shades that set natural stones apart from lab grown.
