Macy’s, Inc. Reiterates Commitment to Shareholder Value Creation Following Barington Capital Presentation
Macy's (NYSE: M) has responded to presentations from Barington Capital Group and Thor Equities by reaffirming its commitment to shareholder value creation. The company expressed confidence in its Bold New Chapter strategy, which is reportedly gaining traction across all three pillars.
The Board of Directors and management team emphasized their dedication to delivering sustainable, profitable growth and maintaining an open-minded approach to reviewing company strategy and capital allocation. Macy's plans to provide more details about its progress during the upcoming third quarter results announcement and fourth quarter outlook.
Macy's (NYSE: M) ha risposto alle presentazioni di Barington Capital Group e Thor Equities riaffermando il suo impegno nella creazione di valore per gli azionisti. L'azienda ha espresso fiducia nella sua strategia Bold New Chapter, che sembra guadagnare slancio su tutti e tre i pilastri.
Il Consiglio di Amministrazione e il team di gestione hanno sottolineato la loro dedizione a garantire una crescita sostenibile e redditizia, mantenendo un approccio aperto alla revisione della strategia aziendale e dell'allocazione del capitale. Macy's prevede di fornire maggiori dettagli sui suoi progressi durante l'imminente annuncio dei risultati del terzo trimestre e le prospettive per il quarto trimestre.
Macy's (NYSE: M) ha respondido a las presentaciones de Barington Capital Group y Thor Equities reafirmando su compromiso con la creación de valor para los accionistas. La compañía expresó confianza en su estrategia Bold New Chapter, que aparentemente está ganando impulso en los tres pilares.
La Junta Directiva y el equipo de gestión enfatizaron su dedicación a ofrecer un crecimiento rentable y sostenible, y a mantener un enfoque abierto para revisar la estrategia empresarial y la asignación de capital. Macy's planea proporcionar más detalles sobre su progreso durante el próximo anuncio de resultados del tercer trimestre y la perspectiva del cuarto trimestre.
메이시스 (NYSE: M)는 바링턴 캐피탈 그룹과 소르 에퀴티스의 발표에 대응하여 주주 가치 창출에 대한 의지를 재확인했습니다. 회사는 모든 3개 기둥에서 힘을 얻고 있는 새로운 Bold Chapter 전략에 대한 자신감을 표현했습니다.
이사회와 경영진은 지속 가능한 수익 성장과 회사 전략 및 자본 할당 검토에 대한 열린 마음으로 접근하는 것에 대한 헌신을 강조했습니다. 메이시스는 다가오는 3분기 실적 발표와 4분기 전망에서 자신의 진행 상황에 대한 더 많은 세부 사항을 제공할 계획입니다.
Macy's (NYSE: M) a répondu aux présentations de Barington Capital Group et de Thor Equities en réaffirmant son engagement envers la création de valeur pour les actionnaires. L'entreprise a exprimé sa confiance dans sa stratégie Bold New Chapter, qui semble gagner en traction sur les trois piliers.
Le Conseil d'Administration et l'équipe de direction ont souligné leur dévouement à réaliser une croissance durable et rentable, tout en maintenant une approche ouverte pour examiner la stratégie de l'entreprise et l'allocation du capital. Macy's prévoit de fournir plus de détails sur ses progrès lors de l'annonce des résultats du troisième trimestre et des perspectives pour le quatrième trimestre.
Macy's (NYSE: M) hat auf die Präsentationen der Barington Capital Group und von Thor Equities reagiert und sein Engagement für die Schaffung von Aktionärswerten bekräftigt. Das Unternehmen äußerte Vertrauen in seine Strategie "Bold New Chapter", die anscheinend in allen drei Säulen an Zugkraft gewinnt.
Der Vorstand und das Managementteam betonten ihr Engagement für nachhaltiges, profitables Wachstum und einen offenen Ansatz zur Überprüfung der Unternehmensstrategie und der Kapitalallokation. Macy's plant, beim bevorstehenden Ergebnisbericht für das dritte Quartal und den Ausblick für das vierte Quartal nähere Informationen über seine Fortschritte bereitzustellen.
- Company demonstrates openness to reviewing strategy and capital allocation framework
- Bold New Chapter strategy showing progress across all pillars
- None.
Insights
The response from Macy's to Barington Capital and Thor Equities' presentation appears to be a standard corporate defense mechanism, offering little substantive information about specific value creation initiatives. The company's reference to their "Bold New Chapter strategy" without providing concrete details or metrics suggests a defensive posture rather than proactive engagement with activist investors.
The engagement of high-profile advisors Bank of America Securities and Wells Fargo, along with law firm Wachtell Lipton (known for defending against activist campaigns), indicates Macy's is preparing for a potential proxy battle. This development could lead to increased pressure on management to accelerate strategic changes or consider more dramatic restructuring options.
The timing of this statement, ahead of Q3 results, creates a critical window where Macy's will need to demonstrate tangible progress to maintain shareholder support. The lack of specific commitments or new strategic initiatives in this response may disappoint investors looking for immediate action to address the company's challenges in the evolving retail landscape.
The involvement of Barington Capital and Thor Equities signals growing investor dissatisfaction with Macy's current trajectory and valuation. With a market cap of
Macy's defensive stance and vague references to its existing strategy suggest a disconnect between management's vision and investor expectations. The retail sector's ongoing transformation demands more decisive action and the company's measured response may not satisfy activists seeking accelerated change. This situation could evolve into a more contentious battle for strategic control, particularly if Q3 results fail to show meaningful improvement.
The Macy’s, Inc. Board of Directors and management team are committed to delivering sustainable, profitable growth and driving shareholder value. We have consistently demonstrated open-mindedness, including with respect to regularly reviewing the Company’s strategy and capital allocation framework and exploring all paths to enhance value.
We remain confident in our Bold New Chapter strategy, which continues to gain traction across all three of its pillars, and we expect to share further details regarding our progress when we report our full third quarter results and provide our fourth quarter and full year outlook.
We will continue to act in the best interests of the Company and all Macy’s, Inc. shareholders and we look forward to engaging with our shareholders, including Barington and Thor, as we further advance our initiatives and execute toward our long-term goals.
Bank of America Securities and Wells Fargo are acting as financial advisors and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to the Company.
About Macy’s, Inc.
Macy’s, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Headquartered in
Forward-Looking Statements
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including the results of the independent investigation and the finalization of financial results as of and for the quarter ended November 2, 2024, Macy’s ability to successfully implement its A Bold New Chapter strategy, including the ability to realize the anticipated benefits associated with the strategy, conditions to, or changes in the timing of proposed real estate and other transactions, prevailing interest rates and non-recurring charges, the effect of potential changes to trade policies, store closings, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet and catalogs and general consumer spending levels, including the impact of the availability and level of consumer debt, possible systems failures and/or security breaches, the potential for the incurrence of charges in connection with the impairment of tangible and intangible assets, including goodwill, declines in credit card revenues, Macy’s reliance on foreign sources of production, including risks related to the disruption of imports by labor disputes, regional or global health pandemics, and regional political and economic conditions, the effect of weather, inflation, inventory shortage, and labor shortages, the amount and timing of future dividends and share repurchases, our ability to execute on our strategies and achieve expectations related to environmental, social, and governance matters, and other factors identified in documents filed by the company with the Securities and Exchange Commission, including under the captions “Forward-Looking Statements” and “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended February 3, 2024. Macy’s disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241209445787/en/
Media – Chris Grams
communications@macys.com
Leigh Parrish / Arielle Rothstein
lparrish@joelefrank.com
arothstein@joelefrank.com
(212) 355-4449
Investors – Pamela Quintiliano
investors@macys.com
Source: Macy’s, Inc.
FAQ
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