Activist Investor Urges Macy's to Strike Real-Estate Deals

Investment firm Starboard Value has urged department store chain Macy's to push for realizing greater value from its real-estate holdings, including its famous Herald Square store in New York, The Wall Street Journal reported. The activist investor, in a letter and presentation to Macy's management on Sunday, said although it supports the retail chain's plans of cost cuts, it wants the company to follow through with real-estate deals to add more cash in its reserves, the WSJ said.