Macy’s is bringing in a real estate industry veteran to help with its planned sales of equity stakes in several of its stores, including its flagship location in Herald Square.
The clothing chain appointed Bill Lenehan, CEO of Four Corners Property Trust — a real estate investment trust that owns over 400 restaurants nationwide — to sit on its board of directors, Bloomberg reported.
The Cincinnati-based Macy’s has come under pressure from activist investor Starboard Capital, and is looking to sell off part ownership of it’s stores in San Francisco, Chicago and Minneapolis stores, along with its Manhattan location and some mall properties. The retailer tapped Eastdil Secured to help organize the sales. Tishman Speyer has expressed interested in purchasing some of the stakes.
The chain previously rejected a suggestion it form a real estate investment trust.
Lenehan took charge of Four Corners last year, after it spun off from Darden Restaurants. He previously worked for Farallon Capital Management and MI Development. [Bloomberg] — Ariel Stulberg