The venerable Macy’s may be up for sale, and has received a $5.8 billion dollar buyout offer from Arkhouse Management and Brigade Capital Management, which is above their current market cap.
Macy’s sales have slumped in recent years as they’ve been slow to embrace online shopping, and consumers have migrated to shopping at stripmalls as opposed to the indoor malls that Macy’s has based their stores for decades. They recently launched plans to open 30 new locations in the U.S. in stripmalls to try to attract more shoppers.
Macy’s shares surge 21% after it receives $5.8 billion buyout offer