Macy's is ending discussions with Arkhouse Management and Brigade Capital Management, saying a revised offer to take the department store private remained a dicey proposition. 'We have concluded that Arkhouse and Brigade's proposal lacks certainty of financing and does not deliver compelling value,' Macy's lead independent director Paul Varga said in a statement. Arkhouse and Brigade did not immediately respond to requests for comment.
The retailer will now focus on turning things around on its own, Macy's said in a news release. 'While it remains early days, we are pleased that our initiatives have gained traction, reinforcing our belief that the company can return to sustainable, profitable growth,' CEO Tony Spring, who stepped in as chief executive in February, said in a statement.