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A Macy's store is seen at Herald Square on December 11, 2023 in New York City. 

Macy's said on Sunday it had rejected Arkhouse Management and partner Brigade Capital Management's $5.8 billion proposal to take the department store operator private, citing concerns over deal financing and valuation.

Like other legacy department store operators, Macy's has struggled to compete against younger, online competitors or peers with smaller brick-and-mortar footprints. This has given Arkhouse, a real-estate-focused investing firm, and Brigade, a hedge fund, an opening to put pressure on Macy's to explore a sale.

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