Investment companies Arkhouse and Brigade Capital failed to acquire Macy’s, an American department store chain, for $6.9bn. "As the Board has consistently demonstrated throughout this process, we are open-minded to exploring all paths to enhancing shareholder value. At this time, after careful review, we have concluded that Arkhouse and Brigade’s proposal lacks certainty of financing and does not deliver compelling value, notwithstanding the significant time, resources, and information shared during this process. The Board fully supports A Bold New Chapter strategy, and we believe it provides the best opportunity for value creation," Paul Varga, Macy’s Lead Independent Director.