Macy’s has added real estate expert Bill Lenehan to its board, as the struggling retailer tries to figure out what to do with its extensive property empire, which Starwood Capital says is worth $21B.
Lenehan became the CEO of Four Corners last year and will join Macy’s board on April 1 to help guide it through the process of selling off portions of its flagship stores in NYC, San Francisco, Chicago and Minneapolis, along with mall-based properties.
And it looks like the mega-department store will have some takers—Tishman Speyer is interested in taking stakes in several locations, Bloomberg reports.
But some investors think a different fate awaits—after the company rejected the idea to form a REIT, Greenlight Capital’s David Einhorn said he wouldn’t be surprised if a private equity firm teamed up with a REIT to buy the company. [Bloomberg]
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