Macy’s rejects $5 billion takeover offer

(CNN)– Macy’s is rejecting an attempted buy-out.

On Monday, the big box retailer announced that it ended talks with private investors ‘Arkhouse Management’ and ‘Brigade Capital Management’.

The investors had planned to take Macy’s private and possible spin-off its real estate assets.

But Macys’ board of directors voted unanimously to end discussions, saying it was unclear if investors could finance the deal.

Macy’s will now go forward with its own strategy that includes closing underperforming Macy’s stores and investing in the luxury chains ‘Bloomingdale’s’ and ‘Bluemercury’.