Macy’s ends takeover talks with Arkhouse and Brigade citing lack of certainty over financing

AP Business Writer

Macy’s is cutting off buyout talks with Arkhouse and Brigade, citing the lack of certain financing. In March, Arkhouse Management and Brigade Capital Management raised their offer to acquire Macy’s in a deal then valued at $6.6 billion, or $24 per share cash, up from a earlier offer of $21 per share. Macy’s said Monday it will focus on its own turnaround efforts that includes closing 150 namesake stores over the next three years including and upgrading its remaining 350 stores. Macy’s shares tumbled almost 12% to close Monday at  $16.85.