Arkhouse Management and Brigade Capital Management have jointly proposed a $5.8 billion acquisition of Macy’s. The offered price, at $21 per share, exceeds Macy’s recent closing of just over $17 a share. Although the struggling retailer's shares saw a 19% uptick in premarket trading Monday, Arkhouse and Brigade Capital express a willingness to consider a higher bid pending due diligence. Despite Macy's efforts to revitalize its brick-and-mortar business, sales have dwindled by 7% year over year.

Macy's, which has faced challenges from online competitors, announced 30 new store locations in strip malls in October to diversify its retail presence. The retailer, buoyed by positive performance in brands like Bloomingdale’s and Bluemercury, expressed optimism after a recent quarter that exceeded Wall Street expectations.