Macy's terminates acquisition talks with Arkhouse and Brigade; cites financing uncertainty

Macy's, Inc.

Arkhouse/Brigade's revised $24.80/share proposal deemed non-actionable; Board unanimously ends discussions.
Revised proposal lacked fully committed financing; asset-based commitment letters subject to appraisals and credit outcomes.
Macy's spent over 7 months on diligence, including store-level P&Ls and leases, but proposal remained non-compelling.
Company refocuses on 'A Bold New Chapter' strategy; early signs of progress in First 50 stores outperforming other locations.
Macy's will provide Q2 2024 earnings update on strategy execution next month.

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