Macy’s faces its fourth activist push in the last decade as it tries to turn around struggling stores.
Barington Capital has partnered with private equity firm Thor Partners to mount an activist push at struggling department store operator Macy's.
Macy's shares have underperformed the S&P 500 and Retail Select indexes over the last 10 years. Barington pointed to smaller department store operator Dillard's, where it also tilted with management, as an example of effective capital allocation. Dillard's has a market cap of more than $7 billion and says it operates 273 stores in the U.S.
Macy's has become an activist target again as sales at the company's namesake stores decline and it continues to close many of the mall anchors.by early 2027. It plans to invest in the roughly 350 locations that remain and invest in its stronger chains, higher-end department store Bloomingdale's and beauty retailer Bluemercury.
Macy's postponed releasing full results for the quarter as it faces scrutiny for another reason. The company said it is investigating after itin delivery expenses on its accounting books for nearly three years. It said it plans to share full results and its outlook by Dec. 11.
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