Activist investor Barington Capital Group is calling on department store retailer Macy’s to develop an internal real estate subsidiary, reduce capital expenditures, and explore strategic options for its Bloomingdale’s and Bluemercury chains among other changes to boost its slumping stock, according to its proposal made public Monday.
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As part of the proposals, Barington and Thor are urging Macy's to cut capital expenditures to between 1.5%to 2% of total sales from the current 4% and repurchase at least $2 billion to $3 billion in stock over the next three years. Barington said in the presentation that Macy's should look at publicly traded Dillard's as an example of how to prudently cut expenses and deliver strong returns to shareholders. Dillard's shares are up 10% since the beginning of the year.
The Macy’s stores targeted for closure accounted for 25% of overall square footage but less than 10% of its sales, the company had said.
Business James Mitarotonda Tony Spring
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