Macy's and Arkhouse have declined to comment on reports suggesting a higher buyout offer of $24.80 has been put on the table for the US department store chain.

Macy's first received a buyout offer from Arkhouse and Brigade in December 2023 for $21 per share, which was rejected due to allegedly failing to "provide evidence of a viable financing plan".

This was followed by an increased offer in March 2024 of $24 per share with GlobalData’s retail analyst Neil Saunders telling Just Style exclusively at the time the increased bid was a sign Arkhouse and Brigade did not intend to give up on buying Macy’s.

He asserted the investors were serious and the offer being increased puts "a lot more pressure on Macy’s board and they will have to decide as to whether to take the offer seriously or not".

Macy's said at the time its board would carefully review and evaluate the latest proposal consistent with the board’s fiduciary duties and in consultation with its financial and legal advisors.

It added: "The Macy’s, Inc. board has a proven track record of evaluating a broad range of options to create shareholder value, is open-minded about the best path to achieve this objective and is committed to continuing to take actions that it believes are in the best interests of the company and all Macy’s, Inc. shareholders."

Macy's CEO Tony Spring unveiled a new strategic initiative for the company on 28 February that included the closure of 150 "underproductive" stores, modernising its end-to-end operations and strengthening the Macy’s nameplate with the hope to "return Macy's to enterprise growth."

The strategy was developed by its leadership team, was endorsed by its board of directors and informed by extensive customer research with the aim of revitalising the Macy’s brand.

The strategy was announced alongside Macy’s Q4 and FY results for 2023, which showed a fall in both sales and revenue.