Activist investors urge Macy's to create real estate unit, cut spending, repurchase stock

From Investing.com: 2024-12-09 16:52:37

Activist investors Barington Capital and Thor Equities are pushing Macy’s to create a real estate unit, citing undervalued assets worth $5-9 billion. They want the company to cut capital expenditure, add their representatives to the board, and aggressively repurchase up to $3 billion in stock. Macy’s stock has fallen 18% this year.

The investor group sees strong sales potential in Bloomingdale’s and Bluemercury compared to Macy’s stores. CEO Tony Spring’s turnaround plan aims to save $100 million in costs this year by closing 150 stores by 2026, while opening 15-30 new stores. Macy’s, open to a strategy review, will engage with Barington and Thor.



Read more at Investing.com: Activist investor group pushes Macy’s to consider options for Bloomingdale’s By Reuters