Macy's has decided to decline a buyout offer from Arkhouse Management and Brigade Capital Management.
The retailer stated that the proposed deal lacked compelling value for its shareholders and would not provide the desired certainty.
Instead, Macy's will continue implementing its revitalization plan, which includes closing underperforming stores and investing in its remaining locations.
Macy's has also announced plans to expand its Bloomingdale's and Bluemercury brands, hoping to create a more luxurious shopping experience.
