Two investment firms– Arkhouse Management and Ov FinanceBrigade Capital Management– said on Sunday they upped their bid to buy Macy's from $21 per share to $24 per remaining shares. Macy’s rejected the previous deal in January which was valued at $5.8 billion. The new proposal is valued at $6.6 billion, the Associated Press reported.
Macy's previously said it had concerns about the investment firms' financing plan to acquire the remaining shares and felt there was a “lack of compelling value" in the proposed acquisition.
Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said in a joint statement that they “remain frustrated by the delay tactics” from Macy’s board, but are committed to completing the acquisition of the retail company, according to the AP.
Macy's confirmed that it had received the proposal and said that its board would carefully review the offer. The company said it will not comment further until the proposal was fully evaluated.
Last week, Macy's announced it will shut down 150 "underproductive" stores, or roughly 30% of all locations by 2026. At the same time, the company said it's prioritizing investments in 350 "go-forward" stores.
Macy's said it will close 50 stores by the end of the company's fiscal year, which ends in January.
Macy's did not share which locations would be closing when contacted by USA TODAY.
The Associated Press contributed to this reporting
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