(Bloomberg) -- Macy’s Inc. said it received nine nominations to its board from Arkhouse Management Co., the activist investor leading an effort to acquire the department-store company.

Macy’s said Tuesday it would consider the director nominees but noted that it had previously rejected a $5.8 billion offer from Arkhouse and Brigade Capital Management. The retailer said Arkhouse and Brigade “have yet to provide any financing details that would enhance the actionability of their proposal despite multiple opportunities to do so.”

Arkhouse said in a statement that it provided the Macy’s board with additional details regarding its financing, including the names of its partners for the 50% equity component of a transaction.

The investor, which has a 4.4% in economic exposure to Macy’s, said the retailer should explore strategic alternatives, Arkhouse managing director Gavriel Kahane said in a Bloomberg Television interview. “The management and the board have not sincerely engaged with us to date.”  

Arkhouse, which joined with Brigade in a $21-a-share bid late last year, is seeking nine seats on Macy’s 14-member board. Its slate includes Richard Clark, a former executive of Brookfield Corp., Sharen Turney, ex-chief executive officer of Victoria’s Secret, and Gerald Storch, previously CEO of Hudson’s Bay Co. and Toys ‘R’ Us. 

Macy’s said its board is “diverse, experienced and engaged” and has a “proven track record.” 

Read More: Arkhouse Urges Macy’s to Open Books After Seeing Bid Rejected

After Macy’s rejected the bid, an Arkhouse executive said he was “hopeful” that the suitors could increase their offer if they had access to the books at Macy’s. 

Arkhouse wrote to the Macy’s board this month asking for an extension to its board director nomination window, Macy’s said on Tuesday. 

Macy’s, like many department-store chains in the US, has been facing a shift in consumer shopping habits that has hurt brands that operate in traditional malls. While Macy’s sales jumped in 2021 thanks to pandemic stimulus, revenue has since declined for six consecutive quarters. 

The company currently operates 489 Macy’s stores, 32 higher-end Bloomingdale’s locations and 158 Bluemercury beauty stores across the US.

“We are not specifically advocating for a spinoff of real estate,” said Kahane. “But it’s a bad idea to own real estate, and to try and asset manage and profit from real estate when you’re not a real estate investor.”  

--With assistance from John J. Edwards III, Olivia Rockeman, Sonali Basak and Romaine Bostick.

(Update with Gavriel Kahane’s comment in fourth paragraph.)

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