Macy's proxy fight is over, but the battle for the department store's future wages on
Publishing timestamp: 2024-04-13 11:33:02
Summary
Macy's settles proxy fight with Arkhouse Management, agrees to add two independent directors to board. CEO Tony Spring under pressure to execute turnaround vision, which includes closing underperforming stores. Arkhouse and Brigade still pushing to acquire Macy's. Macy's shares have fallen over past decade, facing challenges from competitors. Spring plans to close over 150 stores by 2027. Arkhouse wants to keep stores open and focus on real estate value. Two new directors with retail and real estate background appointed to Macy's board. Settlement with Arkhouse allows them to continue as activist investor.
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Keywords: breaking news: business, levi strauss & co, retail industry, macy's inc, business news, brookfield property partners lp, business, real estate,