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Investors Pressure Macy’s to Sell Real Estate


Macy’s has been facing pressure from several hedge funds to make changes to its real estate strategy. The shareholders have asked the Cincinnati-based retail giant to sell and lease back more of its major stores, a strategy that has been employed by other major retailers. One of the targeted properties could be the flagship Herald Square store in NYC, although that move seems unlikely, reports the Cincinnati Business Courier. Macy’s properties have a total book value of $7.8B and the company owns 447 of its 823 stores. [CBC]