Sliding stocks are making retailers across the country targets for activist investors looking to tap into the value of their real estate assets.
Last summer investors at Starboard Value pushed Macy’s to spin off its $21B real estate holdings into a REIT. Macy's has declined (so far), although the retail giant is looking into other ways to monetize its portfolio.
Even after going through a spinoff, Sears may face pressure from investors at Fairholme Capital to make another move, Retail Dive reports.
According to numbers cited by CNBC, targets include home furnishings and footwear retailers, where sales are down 14% and 12%, respectively. [RD]
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