The Macy’s company logo is seen at the Macy’s store on Herald Square on January 19, 2024 in New York City. Macy’s department-store chain announced that they will be laying off roughly 2,350 employees which is about 3.5% of their workforce. The company says that it will also be closing five stores in order to adjust to the online-shopping era. (Photo by Michael M. Santiago/Getty Images)
Michael M. Santiago | Getty Images News | Getty Images
Department store Macy’s said that its board had unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion, saying in a statement Monday that questions on financing and premium were insurmountable.
“We have concluded that Arkhouse and Brigade’s proposal lacks certainty of financing and does not deliver compelling value,” Macy lead independent director Paul Varga said.
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