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Jana Partners cuts Macy’s stake after pushing retailer on e-commerce -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The Macy’s department stores stand behind the empty King of Prussia Mall parking lots. These are closed because of ongoing coronavirus diseases (COVID-19) outbreaks in Upper Merion Township and Pennsylvania U.S.A. on May 21, 2020. REUTERS/Lucas

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By Svea Herbst-Bayliss

BOSTON, (Reuters) – Jana Partners reduced its stake in Macy’s Inc. (NYSE:) to 84% over the final months of 2021. This was not long after Jana Partners urged Macy’s to look into other options for its online business. According to a regulatory filing.

New York-based hedge fund Macy’s reported Monday it had 760,780 Macy’s shares as of December 31, 2021. This compares to 4.6 million shares that the hedge fund had at the end the third quarter. At September’s end, the firm held 1.5%.

A 13-F file, which is 45 days after quarter end, details the amount of money that managers held in U.S. stocks as of quarter end. The filing, which is retrospective in nature, is closely monitored for any signs of investment trends. Jana Partners is one example.

Jana Partners did not respond to the request for comment.

Jana Partners made its first presentation for Macy’s in October at an investment conference. After that, Jana Partners sent a follow-up letter to the company’s Board. It urged the management and board to explore other alternatives for Macy’s online.

Jana Partners claimed that the Macy’s market value could have been multiplied by the ecommerce business. It was $6.9 million when Jana presented its first presentation.

Macy’s revealed in November it was working with AlixPartners on a review of its business structure. Macy’s CEO stated during an earnings call that “we” recognize the importance of the market focusing exclusively on e-commerce.

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