People wait in line outside Macy’s before opening on “Black Friday” in New York City on November 24, 2023. The retail sector’s efforts to entice holiday gift purchases builds to a crescendo this weekend with the annual “Black Friday” shopping day followed by the newer “Cyber Monday.” (Photo by Yuki IWAMURA / AFP) (Photo by YUKI IWAMURA/AFP via Getty Images)

Yuki Iwamura | Afp | Getty Images

Arkhouse Management and Brigade Capital Management have offered to buy Macy’s for $5.8 billion, people familiar with the matter told CNBC on Sunday.

The offer values the retailer at $21 per share, according to the sources. Macy’s closed at just over $17 a share on Friday.

Arkhouse and Macy’s declined to comment. Brigade did not immediately respond to CNBC’s request for comment.

The Wall Street Journal first reported the buyout offer.

This is breaking news. Please check back for updates.

Original: Finance: Macy’s receives $5.8 billion buyout offer, sources say