On January 11, 2016, Starboard Value LP announced that it has released presentation materials outlining Starboard's proposed strategy and structures for unlocking the enormous value intrinsic of Macy's $21 billion real estate portfolio. Starboard also announced that it has delivered a letter to Macy's CEO, CFO and Board of Directors. In the letter, Starboard Value appreciated that Company has begun to take actions to re-size the cost structure and reduce Macy's store base.

In addition, Starboard announced that it is pleased with the recent announcement that Macy's is moving forward with pursuing joint venture structures for both its mall-based and iconic properties is a good decision for the Company and its shareholders.