William Malcolm

Vesa Equity Buys Stake In Macy’s

Daniel Kretinsky bought a 5% stake in Macy’s Inc, making Vesa Equity one of the top five shareholders of Macy’s.

Kretinsky plans to engage management on ways to improve performance of the struggling U.S. retailer, Bloomberg reports.

Shares of Macy’s were over $18 earlier this year, but have been falling sharply since mid-March due to the effects of coronavirus. At the beginning of April, they fell below $4.50. Now they are above five dollars. Macy’s has had problems for a long time, ie, before coronavirus. The company’s revenue dropped to about $25.3 billion last year.

A document on the American Securities and Exchange Commission (SEC) website states that entrepreneurs Marek Spurný, Pavel Horský, Pascal Leclerc and Marc Molitor also invested with Křetínský.