Landon Capital

Arkhouse Management, a real estate-focused investment firm, announced on Sunday that it, alongside Brigade Capital Management, has increased its bid for Macy’s following the retailer’s dismissal of their initial offer as inadequate. The revised proposal now stands at $24 per share, marking a 14% uptick from their previous bid of $21 per share. This elevated offer represents a premium of approximately 33% over Macy’s closing price on Friday, which stood at $18.01, valuing the company at $6.6 billion.

“We continue to offer the company an attractive alternative solution through a sale of the company at a substantial premium. This would provide Macy’s stockholders with significant value and immediate liquidity,” Arkhouse said.

In response, Macy’s affirmed that its board will thoroughly assess the latest proposition. This development follows the rejection of a December bid by the investment firms, as Macy’s expressed concerns regarding the financing and valuation of the proposed deal. Macy’s, like many traditional department store chains, has faced challenges in competing with online retailers and smaller brick-and-mortar rivals, paving the way for Arkhouse and Brigade to apply pressure for a potential sale.