Macy's Plans 150 Store Closures in New Strategy, as Chain Faces Proxy Fight

Key TakeawaysMacy's announced a new strategy Tuesday as the department store giant tries to fend off a proxy fight by an activist investor.The plan calls for eliminating 150 Macy's stores and adding more Bloomingdale's and Bluemercury locations.Last week, Arkhouse Management launched a proxy fight after Macy's rejected a takeover bid by the activist investor and partner Brigade Capital Management in December.Macy’s (M) shares rose nearly 5% in intraday trading Tuesday after it announced 150 store closures i ...