Macy's news and archive

Macy’s appoints two Arkhouse director nominees to its board

Macy’s has appointed two new independent directors, Richard (Ric) Clark and Richard (Rick) L. Markee, to its board. The appointments follow the board’s engagement with Arkhouse Management, resulting in the withdrawal of its director nominations. Macy’s said in a statement that Tony Spring, chief executive officer and chairman-elect of the...

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Macy’s nominates former head of real estate to board

Department store giant Macy’s has announced the nomination of Douglas Sesler to stand for election to the company’s board of directors at the upcoming annual shareholder meeting. Sesler, who is the founder and president of real estate investment and development firm Fair Street Partners, previously served as head of real estate for Macy’s, where...

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Macy’s appoints new VP of its Media Network

US department store group Macy’s, Inc. has announced the appointment of Michael Krans to the role of vice president, Macy’s Media Network. Reporting to Max Magni, chief customer and digital officer, Krans will oversee the group’s in-house media publisher which connects advertising partners with the customers of both Macy’s and Bloomingdale’s. He...

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Arkhouse and Brigade up Macy’s bid to 6.6 billion dollars

US department store retailer Macy’s has confirmed that Arkhouse Management and Brigade Capital Management have issued a revised proposal to acquire the company’s outstanding shares for 24 dollars per share. The total would now amount to 6.6 billion dollars in cash, raising the offer by about 14 percent more than the duo’s initial 21 dollars per...

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Macy's to shutter 150 stores, expand Bloomingdale's

America’s largest department store operator, Macy’s, announced on Tuesday it would close 150 of its stores as part of a strategic shift under new CEO Tony Spring. The company, facing challenges, will focus on expanding Bloomingdale’s, aiming to create a more modern Macy’s, Inc. The move is seen as an effort to enhance customer relationships...

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Macy's: Tony Spring to take charge as CEO, Chair-Elect, succeeding Jeff Gennette

Omni-channel fashion retailer Macy's, Inc. (M) announced Friday that Tony Spring will serve as chief executive officer of the company, effective February 4. He was also named Chair-Elect. As announced in March, Spring, aged 58, succeeds Jeff Gennette, who is retiring as chief executive officer after serving the company for 40 years. Gennette...

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Macy’s rejects 5.8 billion dollars takeover bid from investors

Macy’s has rejected a 5.8 billion dollars takeover bid from investors Arkhouse Management and its partner Brigade Capital Management, citing concerns over financing. “Following careful consideration and efforts to gather additional information from Arkhouse and Brigade, the board determined that Arkhouse and Brigade’s proposal is not actionable...

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Macy’s to cut 2,300 jobs, prepares for store closures

US department store giant Macy’s is preparing to lay off around 2,300 employees, accounting for 3.5 percent of its workforce, as part of plans to carry out a series of store closures. The retailer disclosed the move in a statement to WWD, for which a spokesperson said: “The reduction impacted all functions across nameplates, with the majority...

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Macy’s shares surge 18 percent following buyout offer

Shares of US department store Macy's jumped almost 18 percent in early Monday trading following news that an investor group has offered a 5.8 billion dollars buyout deal. According to Wall Street Journal, Arkhouse Management, which focuses on real estate investments, and global asset manager Brigade Capital Management have jointly made the offer...

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Macy’s reportedly receives 5.8 billion dollar buyout

American department store chain Macy’s is understood to have received a 5.8 billion dollar buyout offer, valuing the retail giant at 21 dollars per share. Real estate investment firm Arkhouse Management and asset management firm Brigade Capital Management are believed to be those behind the offer, according to sources for The Wall Street Journal...

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Macy’s names new chief legal officer, corporate secretary

Department store chain Macy’s has announced the appointment of Tracy Preston as its new chief legal officer and corporate secretary, effective January 8, 2024. Preston, who will report directly to president and CEO Tony Spring, has been tasked with overseeing a broad range of legal affairs, litigation and compliance for the group, including...

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Sharon Otterman to join Macy’s as chief marketing officer

Sharon Otterman has been named chief marketing officer of Macy’s. Otterman, the company said in a release, will begin leading the Macy’s marketing organisation starting on Monday, December 11, reporting to Tony Spring, president and CEO-elect, Macy’s, Inc. “Sharon brings a diverse background in media, entertainment, and digital transformation to...