Macy’s, which operates the nation’s largest department store chain, is closing five stores around the country and eliminating 2,350 jobs according to CNBC.
The five stores that will close this year are located in Arlington, VA; San Leandro, CA; Lihue, HI; Simi Valley, CA and Tallahassee, FL. Macy’s operates about 700 stores under the Macy’s, Bloomingdale’s and Bluemercury brand. The job cuts include store personnel and corporate employees. Macy’s headquarters are in New York.
The company also closed eight stores this month.
Macy’s also announced it rejected an unsolicited buyout offer from Arkhouse Management Co. LP and Brigade Capital Management, LP to acquire all of the outstanding shares of the Company for $21.00 per share in cash on December 1, 2023. Macy’s said it questioned whether the companies had enough financing to complete the deal and turned down the offer.
“The Macy’s, Inc. Board of Directors and management team have a proven track record of evaluating a broad range of options to enhance shareholder value. Following careful consideration and efforts to gather additional information from Arkhouse and Brigade, the Board determined that Arkhouse and Brigade’s proposal is not actionable and that it fails to provide compelling value to Macy’s, Inc. shareholders,” said Jeff Gennette, Chairman and Chief Executive Officer of Macy’s, Inc. “We continue to be open to opportunities that are in the best interests of the Company and all of our shareholders.”
Gennette is set to retire from the company in February with President Tony Spring taking over as the new CEO.
