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Shares of Macy's gained 5 percent Thursday after a report said the retailer is seeking a buyer.
Departing Macy's CEO Terry Lundgren is open to offers in an attempt to avoid a board shakeup that could stain his legacy, the New York Post reported, citing sources familiar with the situation.
Sources told the NY Post Jeffrey Smith's Starboard Value, the activist New York hedge fund, is fed up with Macy's performance. Smith invested in the company in 2015. Starboard is prepared to mount a proxy battle for board seats, the sources said.
A Macy's spokesperson said no comment on the report. Starboard Value did not immediately respond for requests for comment.
Macy's stock is down more than 24 percent in the past 12 months.