Overview

• Macy's has ended its proxy fight by appointing Ric Clark and Rick Markee to its board, both nominees of Arkhouse Management.
• The new directors will join the finance committee to evaluate and recommend on the ongoing $6.6 billion takeover proposal by Arkhouse and Brigade.
• Macy's board remains open to negotiations, having provided confidential information to Arkhouse for due diligence.
• Despite the boardroom changes, Macy's continues to face challenges with declining store traffic and plans to close 150 stores over three years.
• Macy's stock showed minor fluctuations following the announcement, reflecting investor uncertainty about the future.