Big Island – Case Study – esouk21SearchEssaysSign upSign inContact usTweetIndex/BusinessBig IslandTo: The Files, Macy’s Inc.From: Eddy SoukhaseumDate: February 26, 2016Subject: Analysis of news regarding the CompanySummary of news article: An article published on www.reuters.com describes Macy’s recent winter numbers falling less than expected for the first time in four quarters. The recent decline in sales was contributed by a warm winter and the strong dollar hurting tourist spending. The decline in sales have consequently resulted in Macy’s to close 40 of their stores and lay off 2,000 employees. The article also added the pressure from Macy’s shareholder, Starboard Value LP, pressuring the retail company to monetize its real estate assets, which the hedge fund estimates at about $21 billion. The article also mentions there was “a high degree of initial interest” among parties Macy’s approached for partnerships or joint ventures for its flagship and mall-based stores.
Macy’s announced today it has partnered with Starboard Value LP for a new multi-national corporate-market “homefront” store and Lacrosse Village.
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In this article, Macy’s’ CEO, Tim Smith, confirmed that the company did not expect the second quarter of this year to be in such a low growth phase, which would mean it would have to take a lot longer to sell up such a large amount of new business. In his statement, M&T CEO Tim Smith said he was confident in the performance of the company, which has the momentum because the market is expanding rapidly. He added that even though the first quarter of this year’s sales were about the same as the second quarter of that year, he believes Macy and the other retail chains should remain focused on expanding their businesses and finding new customers by increasing returns in sales.
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