Shares of Macy’s jumped more than 5 p.c Thursday in premarket trading immediately after a report said the retailer is in search of a customer.
Departing Macy’s CEO Terry Lundgren is open to offers in an endeavor to prevent a board shakeup that could stain his legacy, the New York Put up noted, citing resources common with the scenario.
Sources told the NY Put up Jeffrey Smith’s Starboard Value, the activist New York hedge fund, is fed up with Macy’s overall performance. Smith invested in the organization in 2015. Starboard is prepared to mount a proxy fight for board seats, the resources said.
Spokespersons for Macy’s and Starboard Value did not instantly reply for requests for remark.