Activist investor confirms Macy's stake, pushes for e-comm biz spinoff

Jana Partners says that Macy's is worth more in pieces than it is as a single entity. The activist investor has sent a letter to the department store retailer's board pushing it to spin off the company's online business, which generates about $8 billion in annual revenue. Macy's CEO Jeff Gennette addressed the subject at a conference last month. “We just believe that stores and mobile and our website are just stronger together than anyone is alone,” he said.