Activist investor Jana Partners takes stake in Macy's, urges spin-off of digital biz

2 days ago

People deterioration facemasks arsenic they locomotion done Herald Square connected January 8, 2021 successful New York City.

Angela Weiss | AFP | Getty Images

Activist capitalist Jana Partners has taken a involvement successful Macy's and sent a missive to the section store chain's committee connected Wednesday urging it to abstracted its e-commerce business, a idiosyncratic acquainted with the substance told CNBC.

The idiosyncratic said Macy's online concern has already drawn involvement from firms that would put successful it, successful conjunction with a spinoff.

Macy's shares spiked astir 4% Thursday afternoon, pursuing the report, which appeared archetypal successful the Wall Street Journal. The retailer's banal has risen much than 107% twelvemonth to date.

A typical from Macy's declined to comment. Jana didn't instantly respond to CNBC's petition for comment.

In a presumption earlier this month, Jana said Macy's online concern could beryllium worthy astir $14 billion, which is higher than $7 cardinal marketplace worth the section store presently has. Jana suggested the divided astatine that clip without saying thing astir its involvement successful the section store operator.

Macy's had told investors successful August that it expected its e-commerce income this twelvemonth to beryllium betwixt $8.35 cardinal and $8.45 billion, aft astir doubling successful the past 4 years.

Such a separation would mimic a akin 1 from the high-end section store operator Saks Fifth Avenue, which earlier this twelvemonth spilt disconnected its integer concern into a abstracted company. The woody valued astatine $2 billion, oregon astir treble its yearly sales.