The barbarians have arrived at Macy’s gate
CNN
Macy’s recently rejected an unsolicited $6 billion bid from an activist investor to take the famed department store private.
Macy’s rejected an unsolicited $6 billion bid from an activist investor to take the famed department store private last month. Now, the activist group is taking another shot at Macy’s, launching a proxy fight to take control of the board. Arkhouse Management Co., a real estate investment group, nominated nine directors to Macy’s board of directors, effectively trying to seize control of the 14-member board. Macy’s stock price has dropped 75% from a peak of $73 a share in 2015. Since then, it has closed nearly 300 stores — almost one third of its locations — but still operates about 700 across its brands. Last month, Macy’s announced it was laying off about 3.5% of its workforce, or roughly 2,350 employees. The company’s struggles have attracted the attention of activist investors, such as Arkhouse. Macy’s said Tuesday it will evaluate Arkhouse’s proposed board candidates, but criticized Arkhouse and another activist investor, Brigade, in a statement.
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