Macy’s has ended talks with an investor group, comprising Arkhouse Management and Brigade Capital, that had proposed acquiring the department store chain for US $ 6.9 billion. In a statement, Macy’s explained that it terminated discussions with the investors because their buyout proposal “fails to provide compelling value” and there was uncertainty about its financing. Macy’s now plans to focus on its turnaround strategy, led by new CEO Tony Spring, ahead of the crucial holiday shopping season. Earlier this year, Macy’s announced job cuts and 150 store closures through 2026 as part of this plan. As part of its new strategy, Macy’s plans to open 15 new Bloomingdale’s stores and at least 30 new Bluemercury stores over the next three years to boost the growth of its better-performing luxury brands.

Source: Economic Times July 17, 2024 10:49 UTC