Helena Lyng Blak
9 weeks ago

Macy’s shares jump as the company moves to go private

The largest publicly traded department store chain in the US is moving forward in negotiations with an investment firm.
Macy's Herald Square Flagship Department Store in Midtown Manhattan with people crossing the street in front of it and yellow taxi's riding by.
NYC Russ / Shutterstock.com

Macy’s, Inc. is opening its books to Arkhouse and Brigade Capital, a real estate-focused investment firm, the department store operator told Reuters on Tuesday. The two companies have entered a ‘confidentiality pact’ which allows Macy’s to share sensitive information about the business.

Arkhouse and Brigade have made a $6.6 billion bid to take Macy’s private.

The move to take the massive retail company private might, according to Yahoo! Finance, “dramatically change the retail landscape in the United States.”

Following Reuters’ reports, Macy’s shares jumped 2.5%, XM writes.

Macy’s, Inc. stock is up 9.01% year to date.

Macy’s, Inc. is a holding company of department stores, including the eponymous Macy’s, which has more than 500 locations across North America, and Bloomingdale's, a luxury department store with locations in the US, United Arab Emirates, and Kuwait.

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