Macy’s Is Between CLOs, Complicating Response to $5.8B Buyout Offer

An investor group has sprung an unsolicited, $5.8 billion takeover bid on Macy’s at a highly awkward time for the department store giant—when it’s between chief legal officers.

Elisa Garcia retired Oct. 31, wrapping up seven years as the New York City-based company’s legal chief. But her successor, Tracy Preston, isn’t coming on board until Jan. 8.

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