Activist investor confirms Macy’s stake, pushes for e-comm biz spinoff
October 15, 2021
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.
Recent News
Tesla Recalls Cybertruck Due to Stuck Accelerator Pedal
Tesla is recalling almost 4,000 Cybertrucks due to a sticking accelerator pedal. The problem stems from an unauthorized lubricant used during assembly, which reduces the pad’s grip on the pedal.
Trader Joe’s Recalls Organic Basil Product Linked to Salmonella Outbreak
The company’s Infinite Herbs Organic Basil product is recalled due to a possible salmonella contamination.
Procter & Gamble Reports Mixed Results After Price Hikes
Procter & Gamble’s recent quarterly results showed a mix of gains and setbacks. Despite facing challenges in attracting shoppers due to increased prices over the past two years, the company managed to exceed earnings expectations.
JetBlue and Southwest Airlines Collision Narrowly Avoided at Reagan National Airport
An air traffic controller instructed one plane to cross the runway at the same time a second plane was taking off.