Macy’s, a well-known American store, is looking to make some changes. However, a fight to make it a private company is growing. Some people doubt if it can make a successful comeback.
The new CEO of Macy’s, Tony Spring, accepted that the company needs to change. He said, “We must change the way Macy’s is today. If we don’t change our business, we will not succeed in the future. Our company will change, we will adjust our products and make a better mix of our physical and online presence.”
A private investment company, Arkhouse Management, is not waiting to see the results. They offered to buy Macy’s for $5.8 billion, but this offer was rejected by Macy’s. After this, Arkhouse offered a higher amount – $6.6 billion.
Arkhouse believes that Macy’s needs bigger changes to save its business. They are annoyed by Macy’s delayed action and refusal to work with them. But they are still dedicated to their goal.
A week ago, Macy’s announced a plan to improve their business. This includes closing 150 stores that aren’t making money. They also plan to make their technology better and open new stores. But Arkhouse does not think this is enough and wants more changes.
Meanwhile, Macy’s share price has decreased but increased by 13.5% after Arkhouse’s second bid. There are different opinions about Macy’s future, some analysts believe it can succeed and others are skeptical. Whether Macy’s can achieve these changes and if they will be beneficial is still uncertain.
Vocabulary List:
- Comeback (noun): A return to success after a period of difficulty or failure.
- Refusal (noun): The act of saying or showing that you will not dogiveor accept something.
- Dedicated (adjective): Devoted to a task or purpose having single-minded loyalty or integrity.
- Skeptical (adjective): Doubtful about a particular thing.
- Uncertain (adjective): Not able to be relied on not known or definite.
- Analysts (noun): Someone whose job is to study or examine something in detail.
