Activist Jana calls for Macy’s to spin off e-commerce unit

Bloomberg

Activist investor Jana Partners believes Macy’s Inc could boost its valuation by spinning off its e-commerce business.
Jana said in an investor presentation that the retail chain could follow the lead of Saks Fifth Avenue, whose owner spun out its e-commerce business. At a similar valuation, Macy’s online business could be worth about
$14 billion, Jana said.
Macy’s as a whole has a market valuation of about
$7 billion, including its brick-and-mortar business. Jana, run by Barry Rosenstein, didn’t disclose whether it owns a stake in the 163-year-old retailer.
Macy’s spokesperson Blair Rosenberg responded in an emailed statement that the
department-store chain is committed to delivering a
“dynamic, seamless omnichannel experience.”