Longacre Square Partners handles Arkhouse Management’s $5.8B for Macy’s, which the retailer rejected as lacking “compelling value” on Jan. 21.

Macy’s board expressed doubts that Arkhouse and its partner Brigade Capital Managment could finance their proposed transaction.

CEO Jeff Gennette did say that his company is open to opportunities that are in the best interest of Macy’s and its shareholders.

Arkhouse believes that Macy’s investors support a privatization plan, and see the potential to up its $21 per share offer if it gains access to the necessary due diligence materials.

Macy’s reported a 60 percent drop in Q3 (ended Oct. 31) net to $43M on a seven percent sales dip to $4.9B.

The company announced this month that it is cutting 3.5 percent of work force (2,350 people) and closing five stores. Executive VP and Bloomingdale’s CEO Tony Spring, 58, will succeed Gennette, 61, at the helm next month.

Longacre’s Scott Deveau and Joe Germani represent Arkhouse.

Macy’s has Chris Grams, senior director of corporate & financial communications, working the media, while Pam Quintiliano, IR head, handles Wall Street on the takeover bid.