Macy’s Ends Buyout Talks
The retailer will not be making a deal with Arkhouse Management and Brigade Capital Management, opting to focus on its turnaround plan.

In March, real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management offered the department store chain a buyout deal worth $6.6 billion.
It was their second offer after the retailer declined their initial offer of $5.8 billion in December 2023.
Macy’s had been considering the revised offer, opening its books to the firms in April.
However, its board of directors unanimously have decided to end discussions with Arkhouse and Brigade.
“At this time, after careful review, we have concluded that Arkhouse and Brigade’s proposal lacks certainty of financing and does not deliver compelling value, notwithstanding the significant time, resources, and information shared during this process,” said Paul Varga, lead independent director of Macy’s.
Macy’s said it had been working “in good faith” with Arkhouse and Brigade for more than seven months now, with the understanding that there was a willingness to possibly increase the purchase price to an amount Macy’s board might accept.
Following “hundreds of hours” of due diligence, the involved companies agreed that Arkhouse and Brigade would deliver a fully financed and actionable proposal to Macy’s by June 25.
The offer was to include the best purchase price per share and fully negotiated commitment papers for all the debt and equity needed to finance the deal.
On June 26, Arkhouse and Brigade instead sent Macy’s a “check in” letter, said the retailer, with an increased bid of $24.80 per share.
Though slightly higher than the second offer of $24 per share, it was within a range that Macy’s board already had said was “not compelling.”
In addition, the financing papers submitted to Macy’s were “insufficient,” leading the board to believe that a viable offer cannot be reached within a reasonable period of time.
Macy’s said its management team instead will focus on increasing shareholder value through its latest turnaround plan, called “A Bold New Chapter.”
Announced in February, the plan includes closing 150 stores over the next three years as it grapples with declining sales.
The three pillars of the strategy are: strengthening the Macy’s brand, accelerating luxury growth, and simplifying and modernizing end-to-end operations.
Macy’s Chairman and CEO Tony Spring said, “Our team continues to be singularly focused on creating value for our shareholders. While it remains early days, we are pleased that our initiatives have gained traction, reinforcing our belief that the company can return to sustainable, profitable growth, accelerate free cash flow generation, and unlock shareholder value.”
The board is open to exploring all paths to increased shareholder value, added Varga, and believes the new strategy is the best opportunity for doing so.
Macy’s said it will share additional details about how the strategy has been working so far as part of its second-quarter earnings, which it will report next month.
The Latest

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
The two organizations will hold the educational event together this fall in Mississippi.


The entrepreneur and “Shark Tank” star will share his top tips for success.

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

During a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.

The free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.

The feedback will be used to prepare other jewelers for the challenges ahead, the organization said.

The online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.

The opening marks the jewelry retailer’s first location in the Midwest.

The “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.

Robert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.

Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.

Kenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.

The historic fancy vivid blue diamond set to headline Christie’s Geneva sale next month could sell for up to $50 million.

LVMH CFO Cécile Cabanis also discussed the effects of tariffs so far.

The “Mad Men” and “The Morning Show” star steals jewelry, art, and handbags from his wealthy neighbors in “Your Friends & Neighbors.”

The organization has reelected Kalpesh Jhaveri as president.

An investigation found that the former managing director of Movado’s Dubai branch overstated and prematurely recorded sales.

The collection pays tribute to the Japanese philosophy of Ma, studying balance, stillness, and the interplay between presence and absence.

Mari Lou’s Fine Jewelry in Orland Park, a suburb of Chicago, is closing its doors.

GIA’s labs in Dubai and Hong Kong are now accepting larger diamonds in light of the “logistical challenges” presented by the new tariffs.