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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.
Prosek Partners represents Nuveen as it acquires London-based Schroders, which relies on Brunswick Group for PR counsel, in a $13.5B deal.
Qualcomm has recruited Brett Simpson for the senior VP-IR slot at the San Diego-based wireless technology company.
Reevemark handles Eddie Bauer LLC as the retailer inks a Chapter 11 restructuring pact that has it conducting liquidation sales at its US and Canadian stores while working to find a buyer for either all of or part of the chain.
Prosek Partners hires FTI Consulting vet David Roady to build and deepen its relationships in the corporate sector, particularly with chief communications officers and C-suite executives.
Kekst CNC handles Crestview Partners as the private equity firm acquires Tailwind Hospitality, operator of food, beverage and retail concessions in non-hub and regional airports, from Palladin Consumer Retail Partners.
