Macy’s shares rose on news of a possible sale of the chain – Kommersant
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Today, November 11, shares of one of the largest and oldest US retail chains, Macy’s, rose by almost 20% after… The Wall Street Journal wrote that investment funds Arkhouse Management and Brigade Capital made an offer to purchase.
According to the publication, funds are ready to pay $21 for Macy’s shares, with a premium of 32% to the price of securities last Friday. Thus, the entire network is valued at $5.8 billion. According to the WSJ, if the deal goes through, Arkhouse Management and Brigade Capital are going to make Macy’s a private company.
The first Macy’s store opened in Manhattan in 1858. Since then, the department store has become one of the iconic places in New York. Macy’s now has about 500 stores. In addition, the company owns the Bloomingdale’s department store chain, which includes more than 30 stores, and the Bluemercury chain, which includes 150 cosmetic stores.
In recent years, Macy’s has been going through difficult times, including due to competition with online retailers. The chain’s department stores were also hit hard by the COVID-19 pandemic: before it began, Macy’s had about 870 stores, some of which were closed. Since 2015, the chain’s shares have fallen by about three and a half times. The company completed 2022 with revenue of $24.4 billion and profit of $1.2 billion—slightly worse than the year before.
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