Macy’s announced Tuesday that investor Arkhouse Management has named nine people to its board of directors, starting a proxy battle just a month after the department store rejected a $5.8 billion bid to go private.
The company had rejected offers from Arkhouse and Brigade Capital, citing valuation concerns, but is continuing discussions to seek further information on financing the transaction.
The push for a board seat comes as Bloomingdale’s parent company struggles with weak demand as customers cut spending due to high inflation and high borrowing costs.
However, the company’s November quarter results exceeded market expectations due to inventory reduction efforts and strong demand for beauty products.
“Ark House and Brigade have not yet disclosed the details of the financing…Despite multiple opportunities to do so, they have not disclosed the details of the proposal.Instead…Ark House We chose to go to war,” Macys said.
Arkhouse and Brigade Capital did not immediately respond to Reuters inquiries about recent developments or how much Macy’s stock they own.
The company, known for its annual Thanksgiving Day parade, said it would evaluate candidates for Ark House’s board of directors and commit to “long-term value creation.”
Shares of the New York-based company, which has yet to set a date for its 2024 annual meeting, fell 1%.
