This winter, the retail world has been abuzz with news that a group of investors is trying to buy Macy’s and take it private. In the midst of it all, the 165-year-old department store chain just laid off 2,500 employees and announced five more store closings — including one in Arlington. But Macy’s CEO Jeffrey Gennette has signaled that the retailer is not for sale, rejecting an initial bid of $5.8 billion as unworthy of the company’s consideration. Despite that rejection, another investment firm is now rumored to be preparing a bid of its own. Macy’s, which also owns the Bloomingdale’s and Bluemercury chains, is attractive to investors largely because of its real estate holdings rather than its its struggling retail empire. If the company changes hands, there’s a good chance it will be stripped and sold for parts. Would this be good for Macy’s shareholders? Perhaps. Would it be good for Macy’s shoppers? Definitely not.