Macy’s is being pressured by Barington and Thor to consider selling Bloomingdales, cut capex and be more like Dillard’s.
The company is being pressured by Barington Capital Group and Thor Equities to consider spinning off Bloomingdale’s and Bluemercury, create a separate real estate subsidiary, cut capital expenditures and repurchase $2 billion to $3 billion in stock over the next three years.
“Dillard’s has been executing a highly successful strategic plan focused on improving operating margins, prudently managing capital expenditures and aggressively returning capital to stockholders,” Mitarotonda said “Since fiscal year 2018, Dillard’s has paid out 60 percent of its total cumulative cash sources to stockholders versus Macy’s at 25 percent.
Barington and Thor like the strategy, but said all of Macy’s resets in the past have been ineffective and relied on spending “enormous amounts of the company’s cash flows on capital expenditure projects.” Mitarotonda said that Macy’s had spent $9.7 billion on capital expenditures over the past decade as it lost $15 billion in market capitalization. As is often the case with department stores, there is a real estate angle.
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