Macy's rejects $5.8B takeover bid from Arkhouse Management, Brigade Capital Management

Macy's is rejecting a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn't provide a viable financing plan.

Arkhouse and Brigade offered $21 per share for the stock they don't already own.

Last week Macy's Inc. said that it was laying off about 3.5% of its total headcount, or approximately 2,350 employees. The department store operator also announced that it was closing five locations.

Macy's said its board reviewed the proposal and that it not only had concerns about the financing plan, but it also felt there was a “lack of compelling value.”