An investor group consisting of Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager, has made a $5.8 billion offer to take department store chain Macy's private, reported The Wall Street Journal and other media outlets.
Macy’s sales has declined 7 percent year-over-year.
Macy's real estate portfolio consists of its Herald Square location in New York City. Valuations from various money managers on the trophy real estate asset have ranged between $3 billion and $4 billion in the past decade, reported Yahoo Finance.
