Macy’s flagship store in Herald Square in New York, Dec. 23, 2021.
Scott Mlyn | CNBC
Department store Macy’s on Wednesday said it had settled its proxy fight with real estate investor Arkhouse, and that it would add two new directors to its 15-person board.
The reshuffle moves Macy’s closer to a deal that could take the 165-year-old department store private.
Ric Clark, a former executive at Brookfield, and Rick Markee will join Macy’s board effective immediately. Markee is also on the board of discount retailer Five Below. Both Clark and Markee were Arkhouse nominees.
“The Board is open-minded about the best path to create shareholder value,” the company said.
Macy’s shares fell around 2% in early trading Wednesday.
Macy’s also said it had provided the Arkhouse-led investor group with confidential business information as the two sides negotiated the terms of a possible sale. Both new…
