The investors have increased their offer to $24 per share for the well-established department store operator, up from the previous offer of $21 per share, as stated on Sunday. This new offer presents a 33% premium compared to Macy’s closing price of $18.01 on Friday. In January, Macy’s turned down the bid from the investor group, stating that the offer did not provide “compelling value”. Instead, the company has announced a restructuring plan that involves shutting down nearly one-third of its Macy’s stores in the US while expanding its Bloomingdale’s and Bluemercury brands.

Bur Arkhouse, who put forward nine directors for Macy’s board in February, is continuing its efforts. The investor group revealed on Sunday that Fortress Investment Group LLC and One Investment Management US are equity partners in the planned deal. We are still presenting the company with an appealing alternative by proposing a sale of the company at a significant premium.

Brigade emphasized its expertise in the retail sector and the robustness of its proposal in a statement released on Sunday, urging the board to act in good faith for the advantage of all parties involved. Macy’s stock surged to a peak of $21.24 after the initial offer but has since declined despite the company’s attempts at restructuring.