The department store Macy’s is trying to make some changes because it wants to improve its business. But, there is a company called Arkhouse Management that wants to buy Macy’s. Arkhouse has offered to pay a lot of money for it, but Macy’s said no. Now, Arkhouse is making a new offer to buy Macy’s for even more money.
The new boss of Macy’s, Tony Spring, says the store needs to change. He says Macy’s will start to sell different types of products and will try to connect its physical store with its online store in a better way.
Even though Arkhouse is waiting to see if its new offer is accepted, it is not happy with some of the choices Macy’s is making. It believes that Macy’s needs to make bigger changes for its business to improve.
Last week, Macy’s said it plans to close some of its stores that are not doing well, so it can focus on the stores that are doing well. But Gavriel Kahane, who runs Arkhouse, does not think this is enough. He thinks Macy’s needs to make bigger changes to succeed.
Arkhouse means a lot to Macy’s because it now has a 14.3% higher offer than its first one, and 51.3% higher than Macy’s share price on Nov. 30, 2023. Because of this new offer, the price of Macy’s shares increased by 13.5% on Monday.
Analysts are not sure what will happen next for Macy’s. While some think the company will accept Arkhouse’s offer, others are not convinced that Macy’s can improve its business.
Vocabulary List:
- Department store (noun): A large retail store offering a wide variety of products.
- Improvement (noun): The act or process of making something better.
- Company (noun): A commercial business.
- Offer (noun/verb): A proposal made to buy or sell something.
- Connection (noun): A relationship in which a person or thing is linked or associated with something else.
- Physical store (noun): A store with a physical location where products are sold.
