"We seek to be value-added stockholders at Macy's that can bring fresh perspectives to the company, especially in the areas of capital allocation, merchandising and retail, and real estate," said Joseph Sitt, chairman of Thor, and James Mitarotonda, chairman of Barington, in a joint statement.
Barington and Thor believe that Macy's should create a separate real estate unit to collect market rents and pursue asset sale and redevelopment opportunities.
Barington Capital is urging Macy's to cut capital expenditures down to between 1.5% and 2% of total sales from the current rate of 4%.
They said such changes could lead to a 150% to 200% total return for Macy's stockholders over the next three years.
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