Reuters: eMACYated

February 20, 2024

Macy’s new proxy fight with Arkhouse

🥊After rejecting buyout bid, Macy’s faces a proxy fight with ARKHOUSE!!

🏬Activist investor Arkhouse’s current push (announced this morning) for a majority of Board seats is especially interesting since they were previously part of a joint $5.8 billion bid—with Brigade Capital Management, LP—for Macy’s that was rejected just last month.

📉Macy’s (which owns #Macys, Bloomingdale’s, and Bluemercury) has been on the wrong side of #investor #confidence for years with a share price that peaked around $72 in 2015, tried to rally in 2018 and again in 2021, and today closed at $19.26, down 1% even on the proxy fight news! Because the #share price has risen from around $11 in November, speculators probably don’t feel confident enough in Arkhouse’s prospects (or potential premium bid) to push #valuations up more at this point.

📊The parts are probably worth more than the whole under fresh #activist management and new direction. Much of its value is in the #realestate it sits on that could be repurposed. Physical #stores aren’t dead, but their footprint and placement need to be re-strategized.

🛍Sadly, some people know them more for their New York Thanksgiving Day Parade then for their stores 🦃😖

Reuters reached out to us this morning for commentary in an article by Savyata Mishra and Abigail Summerville, “Macy’s faces proxy fight as ARKHOUSE pushes for board seats.”

Article excerpt is below:

“Macy’s parts could be worth more than the whole under fresh activist management and new direction with much value to be unlocked from the real estate it sits on,” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors.

eMACYated — Photography and graphics by

I was not the first choice for Veronica in Heathers. I auditioned and they were like, “Oh, thanks.” And I went to the Beverly Center to Macy’s and had them do a makeover on me. I went back because I kind of knew that they thought I wasn’t pretty enough. They were trying to get Jennifer Connelly.

Winona Ryder

Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Past performance is not indicative of future results. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-24-27