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Macy's proxy fight is over, but the battle for the department store's future wages on

·1 min

Macy’s and an activist investor settled a proxy fight, agreeing to add two independent directors to the retailer’s board. The investor is still pursuing a bid to acquire Macy’s. The CEO’s turnaround plan involves closing underperforming stores. Macy’s shares have fallen over the past decade, losing market share to competitors. The settlement with the investor could halt distractions and costs. Nevertheless, the battle at Macy’s is not over. The buyout threatens to change the retailer’s direction, potentially putting its future at risk. The new directors joining Macy’s board have backgrounds in retail and real estate.