New York CNN —
Macy’s management ended talks with private investors attempting to take over the company and will pursue its own turnaround strategy to remake the chain.
Macy’s board of directors voted unanimously to end discussions with Arkhouse Management and Brigade Capital Management over the investors’ offers to acquire the chain. Macy’s said Monday it was unclear that the investors could finance a deal and it was not in shareholders’ best interest.
The investors planned to take Macy’s private and consider spinning off its real estate assets or separating its online operations from brick-and-mortar stores.
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