Macy's receives $5.8 billion buyout offer

Macy's shares surged after receiving a $5.8 billion buyout offer.
The offer comes from Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager.
The buyout offer would pay shareholders a 32% premium above the stock's closing price Friday.
It isn't clear how the iconic 165-year-old retailer views the proposal.
Macy's has more than 700 store locations in 43 states, Washington, D.C., Puerto Rico and Guam.
In recent decades, competition from both online and big box retailers has caused Macy's and other traditional department stores to struggle.