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Bloomberg Published December 9, 2024 Reading time
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Another activist investor is urging Macy’s Inc. to take drastic steps to boost its stock price. Barington Capital Group is calling on Macy’s to cut its capital expenditures, form a separate real estate group and consider strategic alternatives for the Bloomingdale’s and Bluemercury chains in order to drive share gains, according to a presentation that was published on its website.
While Barington sees “early promise” in the chain’s plan to shut underperforming stores, the activist investors want additional cost reductions “for a healthier store base that can begin to deliver consistent revenue growth and profit improvements,” the group, which includes Thor Equities LLC, wrote in a statement.
Through Friday, Macy’s shares had fallen nearly 15% since the department store retailer announced its turnaround plan in February. The stock climbed 3.9% on Monday.
