Macy's Ends Buyout Talks, Stock Plummets 12%
Macy's has ended its takeover discussions with Arkhouse Management and Brigade Capital Management due to an unsatisfactory offer and uncertainty over financing. The investment firms failed to provide necessary information by the deadline, and their proposal was deemed "not compelling." Macy's shares fell 14.5% following the announcement. The company will now focus on its own turnaround strategy, which includes closing stores, upgrading remaining locations, and expanding luxury and small-format stores. Macy's recent financial results showed some positive signs, beating Wall Street expectations.
