An investor group, which submitted a $5.8 billion bid for Macy’s Inc. (NYSE: M), is considering a direct appeal to shareholders if negotiations with the department store giant do not progress. As reported by The Wall Street Journal, Arkhouse Management and Brigade Capital Management proposed on December 1 to purchase all outstanding Macy’s common stock they do not currently own at $21 per share. Despite initial gains following the report, Macy’s stock value has since declined, closing at $17.63 on Friday. This gives the company a market capitalization of $4.8 billion. The investor group, holdi…