New York City — Retailer Macy’s has rejected a $5.8 billion buyout offer from Arkhouse Management Co. and Brigade Capital Management. In December 2023, the investor group submitted a bid to acquire the outstanding shares of the company not already owned by Arkhouse and Brigade for $21 per share in cash. The Macy’s board of directors has since determined “not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade,” according to a press release from the company. A letter to the would-be buyers cited concerns regarding the proposed financing plan and referenced a “lack of compelling value in [the] non-binding proposal.” Bank of America Securities and Wells Fargo are acting as financial advisors to Macy’s, and Wachtell, Lipton, Rosen & Katz is serving as the legal advisor. The Wall Street Journal reported Thursday that the retailer plans to close five stores and cut 2,350 jobs, amounting to roughly 3.5 percent of Macy’s overall workforce.