Champ Kind Posted January 11, 2016 Share Posted January 11, 2016 (Reuters) - Hedge fund Starboard Value LP urged department store chain Macy's Inc to enter into joint ventures for its stores, including its flagship Herald Square store in New York, to realize greater value from its real estate assets. The activist investor said on Monday it supported Macy's cost-cutting plans, but wants the company to follow through with real-estate deals to add more cash to its reserves. "We believe that a JV, or series of JVs, can crystallize the value of Macy's real estate while bringing in a partner with substantial capital and real estate expertise that will enable the JVs to grow and diversify their real estate holdings," Starboard managing member Jeffrey Smith wrote in a letter. View the full article Quote Link to comment Share on other sites More sharing options...
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