(AOF) – Macy’s announces the appointment to its board of directors, effective immediately, of two new independent directors: Richard Clark and Richard Markee. The Company has entered into an agreement with Arkhouse and its affiliates which provides for the withdrawal of Arkhouse’s director nominations. The store chain is also implementing the previously announced changes to its board of directors, with immediate effect: CEO Tony Spring takes over as chairman of the board and Douglas Sesler becomes an independent director.
Additionally, the Macy’s Board of Directors continues to collaborate with Arkhouse and Capital Management regarding their proposed acquisition of the company.
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Concerns remain
According to the Federation of Specialized Trade, Procos, in October 2022, activity fell by 1.5% year-on-year. However, the activity of beauty and health (+ 5.2%) and specialized food (+ 3.5%) are dynamic compared to October 2021. Attendance at points of sale was very impacted by the problems fuel and unfavorable weather. Compared to October 2019, a pre-covid year, the drop in attendance is very sharp (-20.9% in October). Shopping centers and the outskirts are more impacted than city centers with a gap of four to five points.
There are several reasons for concern for the future. The players are experiencing a very significant jaws effect given the increase in their operating costs while the evolution of demand is very uncertain. Very few brands can pass on the increase in their costs in sales prices. The federation therefore asks, among other things, to limit the indexation of the Commercial Rent Index to + 3.5% for the rents of all companies in 2023. It also invokes an absolute emergency: cap the price of energy for 2023 and retroact on contracts already signed to prevent the rate of failures from accelerating.