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Gasthalter & Co. handles the push by Barington Capital Group and Thor Equities to pressure Macy’s to maximize the value of its real estate holdings and slash spending.
Thor chairman Joseph Sitt said the department store chain owns valuable and well-located real estate, such as its flagship Herald Square store in Manhattan that is worth between $5B to $9B.
He wants the company to establish a real estate unit to collect rent from Macy’s retail operations and pursue asset sale and redevelopment opportunities.
Barington and Thor are concerned that Macy’s board “lacks the knowledge, vision and desire to extract maximum value from its real estate assets.” They want to put their representatives on the board.
The activists also want Macy’s to evaluate strategic alternatives for its higher-growth Bloomingdale’s chain, and Bluemercury luxury operations.
Macy’s, which uses Joele Frank for media work, said its management team is committed to delivering sustainable, profitable growth and driving shareholder value.
It looks forward to “engaging with our shareholders, including Barington and Thor, as we further advance our initiatives and execute toward our long-term goals.”
Joele Frank, Wilkinson Brimmer Katcher’s Leigh Parrish and Arielle Rothstein handle Macy’s.
Gasthalter & Co.’s Jonathan Gasthalter and Amanda Shpiner are fronting the Barington and Thor Equities’ push.
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