Macy’s receives $5.8 billion buyout offer from investor group as department stores face changing consumer habits

William of England
By William of England 1 Min Read

The traders provided $21 a share for the department retailer operator, the individuals stated, asking to not be recognized as the deal hasn’t been publicly introduced. Macy’s inventory closed at $17.39 on Friday, having dropped 16% this yr.

Macy’s didn’t instantly reply to requests for touch upon the deal, which was first reported by the Wall Street Journal on Sunday. Arkhouse and Brigade Capital declined to remark.

Retailers have lagged the general rally in US shares this yr as traders fear larger rates of interest will damp spending and as the businesses struggled to keep up the tempo of progress seen in the course of the pandemic. Department stores specifically have been confronting a broader shift in consumer habits as consumers gravitate towards specialty and off-mall retail.

Macy’s, which operates the Bloomingdale’s chain alongside its personal name-sake department stores, final month reported a 7% same-store gross sales decline within the third quarter.

— With help from Crystal Tse and Matthew Monks

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