Consumer
Macy’s Sinks Most in Four Years After Ending Buyout Talks
- Revised offer still lacks compelling value, Macy’s said
- The company will embark on standalone turnaround plan
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Macy’s Inc.’s shares tumbled on Monday after it ended discussions with two investors to buy out the department store chain, pledging to execute a turnaround plan on its own.
Shares sunk as much as 16%, their biggest decline in four years, after the company said a buyout offer from Arkhouse Management Co. and Brigade Capital Management wasn’t an “actionable proposal” because it doesn’t have sufficient financing, the company said in a statement on Monday.