The company executive officer of Macy's said that it is taking an aggressive approach when it comes to disposing real estate assets. It can be recalled that Starboard Capital has advised Macy's to implement the plans of spinning off the company's real estate holding to generate enough cash, a report from NBC News said.
According to the report, Macy's CEO Terry Lundgren said that he already negotiated with Jeff Smith, the Standard CEO, and it was said that their conversation have been fruitful especially for the plans of the company.
"I'm all about trying to get value for our company, and if I can do that without disrupting our business, without leveraging up the company and staying investment grade, I mean, we're all over those ideas," he said in an interview with CNBC's "Squawk Box" earlier this week.
He shared that he is planning "to hire an in-house real estate adviser who can look out to the long term and help the company rethink the value opportunities in its property holdings and make its big box stores more productive."
"All of us, all retailers, have to make stores more productive because as we've described, customers are choosing to buy some product online and some in stores. We've got to find more reasons, more trips, more ideas to make the box more productive," he continued.
"Macy's, originally R. H. Macy & Co., is a mid-range chain of department stores owned by American corporation Macy's, Inc. It is one of two divisions owned by the company, with the other being the upscale Bloomingdale's. As of January 2014, the Macy's division operates 789 department store locations in the continental United States, Hawaii, Puerto Rico, and Guam, including the prominent Herald Square flagship location in Midtown Manhattan, New York Cit," Wikipedia said.