From CNBC: 2024-12-09 09:36:07

Activist investor Barington Capital has a position in Macy’s and aims to cut spending, explore selling luxury brands, and review real estate. Macy’s shares rose 3% on the news. Barington believes Macy’s can reduce inventory and costs, pointing to underperformance compared to Dillard’s. Macy’s plans to close struggling stores and invest in stronger chains. Barington wants Macy’s to increase share buybacks and consider selling Bluemercury and Bloomingdale’s. Macy’s sales declined in the last quarter, and the company is investigating an employee who hid delivery expenses. Macy’s may sell real estate to free up cash, with recent asset sale gains exceeding expectations. Macy’s has started reporting sales performance of stores that will remain open beyond 2027. Barington has targeted other consumer brands, and Thor Equities is the private equity firm partnering with Barington.



Read more at CNBC: Activist Barington takes aim at Macy’s, seeks spending, real-estate fixes