Macy’s fights ARKHOUSE!!

🥊After rejecting buyout bid, Macy’s faces a proxy fight with ARKHOUSE!!

Michael Ashley Schulman
2 min readFeb 21, 2024

February 20, 2024 —

🏬Activist investor Arkhouse’s current push (announced this morning) for a majority of Board seats is especially interesting since they were previously part of a joint $5.8 billion bid — with Brigade Capital Management, LP — for Macys that was rejected just last month.

📉Macy’s (which owns Macy’s, Bloomingdale’s, and Bluemercury) has been on the wrong side of investor confidence for years with a share price that peaked around $72 in 2015, tried to rally in 2018 and again in 2021, and today closed at $19.26, down 1% even on the proxy fight news! Because the share price has risen from around $11 in November, speculators probably don’t feel confident enough in Arkhouse’s prospects (or potential premium bid) to push valuations up more at this point.

eMACYated — Background photo and graphics by Yrtist.com

📊The parts are probably worth more than the whole under fresh activist management and new direction. Much of its value is in the real estate it sits on that could be repurposed. Physical stores aren’t dead, but their footprint and placement need to be re-strategized.

🛍Sadly, some people know them more for their New York Thanksgiving Day Parade then for their stores 🦃😖

Reuters reached out to us this morning for commentary in an article by Savyata Mishra and Abigail Summerville, “Macy’s faces proxy fight as ARKHOUSE pushes for board seats.

Quoted excerpt is below:
“Macy’s parts could be worth more than the whole under fresh activist management and new direction with much value to be unlocked from the real estate it sits on,” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors.

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Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Past performance is not indicative of future results. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-24-27

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Michael Ashley Schulman

Avid traveler and art fan, also Partner & Chief Investment Officer @Running Point Capital, a multifamily office and ultra high-net-worth money-management firm