Macy's Faces $6.6 Billion Bid From Activists Seeking More Aggressive Overhaul Amid Years of Decline
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Macy's faces a $6.6 billion buyout bid from activist investors who believe more radical change is needed to save the struggling retailer.
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Macy's recently announced plans to close 150 stores and improve its digital capabilities, but the activist investors argue these changes don't go far enough.
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The battle for control of Macy's future is growing as the activist investors start a proxy battle and nominate 9 board candidates.
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Analysts are skeptical about whether Macy's new strategy will be successful in reversing years of declining sales and market share losses.
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Macy's CEO insists the brand isn't distressed like Sears but says changes are coming "We are not going to leave Macy's as it is today."