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Macy’s is using Joele Frank as it terminates talks with Arkhouse Management Co. and Brigade Capital Management regarding the takeover of the company.
The retailer says its board and management team “engaged in good faith with Arkhouse and Brigade for more than seven months since their initial outreach in December 2023 expressing interest in acquiring the company.”
It “expended hundreds of hours addressing Arkhouse and Brigade’s extensive diligence requests,” and provided “thousands of documents with a level of detail that went well beyond what is customarily required to obtain financing for a public company acquisition.”
Macy’s said since the suitors failed to deliver a “definitive, fully financed and actionable proposal” by the mutually agreed June 25 deadline, it decided to end the talks to focus on its “A Bold New Chapter” growth plan.
Joele Frank, Wilkinson Brimmer Katcher’s Leigh Parrish and Arielle Rothstein handle Macy’s.
Longacre Square Partners’ Scott Deveau and Joe Germani represent Arkhouse.
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