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Starboard Value Pushes Macy’s to Pursue Deals for Its Real Estate

By Tony Seruga

Macy’s reported slumping holiday sales, the latest blow to a retailer that has been suffering from competition by discounters like T.J. Maxx and fast fashion outlets like H&M. CreditSpencer Platt/Getty Images North America

A prominent activist shareholder urged Macy’s on Monday to continue pursuing potential deals for its real estate, bringing in partners to help generate cash from the retailer’s famed holdings like Herald Square in Manhattan.

The shareholder, the hedge fund Starboard Value, wrote in a publicly disclosed letter that it was pleased with Macy’s plan to pursue “joint venture structures” for its properties. Starboard estimated the value of the assets at about $21 billion, or nearly double the company’s $11 billion market value as of Friday’s close…

Starboard Value Pushes Macy’s to Pursue Deals for Its Real Estate

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