We see early promise in the new plan, as it calls for the closure of a significant number of very low productivity Macy's nameplate locations. We believe this action, coupled with further cost reductions the Company plans to enact, will result in a healthier store base that can begin to deliver consistent revenue growth and profit improvements. Investors, not surprisingly, have failed to embrace the plan with Macy's shares down approximately 13% since the plan's announcement. 1 As a result, Macy's current valuation multiples of 3.6x NTM consensus EBITDA and 6.4x NTM consensus EPS are near all-time lows. 2 James Mitarotonda, Chairman of Barington, said, "We invested in Macy's because we believe the shares are mispriced relative to the upside potential we see in management's new strategic plan and the compelling value of the Company's owned real estate assets.