In December, Barington Capital Group, L.P., along with Thor Equities LLC, had recommended that the retailer make changes in its capital allocation strategy and consider other structural actions for improvement, after pointing out that its shares had suffered in the past decade due to long-term challenges in the department store sector and previous management missteps. Barington and Thor also had expressed their concern that Macy's cash could be misallocated in the future through wasteful and ineffective capital expenditure programs. In response, Macy's had assured its commitment towards delivering sustainable, profitable growth, and stressed then that its new strategic plan, which involves closing stores with low productivity, as well as cost reductions, would result in consistent revenue growth and profit improvements. On the NYSE, Macy's had closed Thursday's regular trading down 2.02 percent, at $16.03. In the extended trading, the shares lost 1 percent further, at $15.88.