It isn't clear how the retailer views the proposal, the person familiar with the matter said. Macy's declined to comment, while Arkhouse and Brigade did not respond to a Reuters request for comment. Macy's has a market capitalization of about $4.77 billion and its shares are down nearly 15.79% this year. A $2.4 billion bid that a group of investors led by Arkhouse submitted two years ago for real estate investment trust Columbia Property Trust was unsuccessful. (Reporting by Abigail Summerville in New York; Additional reporting by Juby Babu in Bengaluru; Editing by Diane Craft and Lisa Shumaker)

Source: Wall Street Journal December 10, 2023 23:54 UTC