(Reuters) Starboard Value LP, the activist hedge fund that had pressured Macy’s Inc to separate its real estate from its retail business, has sold its stake in the U.S. department store operator, people familiar with the matter said on Wednesday.
The move gives Macy’s incoming Chief Executive Officer Jeff Gennette more space to execute on the company’s turnaround plan. It comes after an acquisition approach by Canada’s Hudson’s Bay Co, the owner of the Lord & Taylor and Saks Fifth Avenue retail chains, failed to materialize into a concrete offer for Macy’s.
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