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Bloomingdales

All articles tagged with #bloomingdales

business1 year ago

Activist Investors Urge Macy's to Restructure Real Estate and Bloomingdale's

Activist investor Barington Capital has acquired a stake in Macy's and is urging the retailer to explore strategic options for its Bloomingdale's and Bluemercury brands, as well as to establish a separate real estate unit. Barington, in partnership with Thor Equities, believes these moves could significantly increase Macy's market value, which currently stands at $4.6 billion. The investors are also advocating for reduced capital expenditures and substantial stock repurchases, while seeking board representation. Macy's has faced similar pressures from other activist investors in the past.

via New York Post |
#activist-investor#barington-capital#bloomingdales
business1 year ago

Macy's to Close 150 Stores and Expand Bloomingdale's

Macy's announced plans to close about 150 stores over the next three years while expanding its upscale Bloomingdale's and Bluemercury chains as part of a new strategy to achieve sustainable, profitable growth under its new chief executive, Tony Spring. The company aims to accelerate market share gains and value creation for shareholders by streamlining its operations and focusing on more productive locations, with the goal of generating $600 million to $750 million from the sale of these stores and warehouse streamlining.

via The New York Times|
#bloomingdales#bluemercury#business
business1 year ago

Macy's Announces Closure of 150 Stores in Turnaround Effort

Macy's plans to close 150 stores by 2026 and focus on expanding its luxury Bloomingdale's and Bluemercury chains, with a goal of reinvigorating customer relationships and creating a more modern shopping experience. The closures, targeting underperforming locations, are part of a strategy shift to streamline operations and compete with smaller-format stores from competitors like Target and Nordstrom. The company also announced layoffs and plans to implement more automation in its supply chain as it adapts to the changing retail landscape.

via Fox Business|
#bloomingdales#business#ceo-tony-spring
business1 year ago

"Reviving Macy's: New CEO Tony Spring Takes Charge Amid Retail Challenges"

Tony Spring, the incoming CEO of Macy's, faces the challenge of reviving the struggling 166-year-old retailer, which has lost relevance with younger shoppers and faces competition from online and off-price retailers. Spring, a retail veteran and former CEO of Bloomingdale's, aims to curate strong brands and store designs to win over shoppers, while also contending with inflation-weary consumers, lower employee morale, and activist investors. His task includes revamping Macy's store experience, attracting millennial and Gen Z shoppers, and making tough decisions about the company's real estate footprint.

via CNBC|
#bloomingdales#business#department-stores
crime2 years ago

"Migrant Mob Attempts $5,300 Designer Sunglasses Heist at NYC Bloomingdale's"

A group of around 15 migrants stormed into Bloomingdale's in Manhattan and attempted to steal designer sunglasses worth $5,300 before fleeing, with one individual being apprehended by a police officer. Steven Matos, 23, was charged in connection with the incident. The city has seen an influx of migrants, with nearly 70,000 currently being housed and fed. This incident reflects a concerning trend of organized thefts occurring across the country.

via New York Post |
#bloomingdales#crime#manhattan
business2 years ago

Macy's Flagship Stores Face Uncertain Future

Hedge funds Brigade Capital Management and Arkhouse Management have made a $21-per-share bid to acquire Macy's Inc., likely targeting the department store's valuable real estate assets. However, it is unlikely that Macy's flagship store at Herald Square or Bloomingdale's on Lexington Avenue will undergo redevelopment. Macy's had previously announced plans to build a 900-foot-tall office skyscraper on top of its flagship store, but the project has stalled. Additionally, Bloomingdale's is a long-term leasehold tenant, with the ground owned by a Bloomingdale family trust.

via New York Post |
#bloomingdales#business#hedge-funds