Macy's (M) shares rose more than 2% intraday Monday after activist investors released a proposal to turn around the retailer, including creating a real estate subsidiary and curbing capital expenses.

Barington Capital Group, an activist investment firm, and Thor Equities, a real estate investment company, collaborated on the proposal, which offered support for 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Tony Spring's plan to 澳洲幸运5官方开奖结果体彩网💃:close many of the lowest-performing Macy's. They urged the company to create a real estate arm to pursue property sales and 🌜redevel🍌opments, and charge Macy's stores rent.

"Macy's owns valuable and well-located real estate assets—led by its flagship property at Herald Square in New York City—that we believe are worth between $5-$9 billion," Thor chairman Joseph Sitt said.

Activists Call for Buybacks, Potentially Spinning Off Bloomingdale's, Bluemercury

The activists also are calling for reducing capital expenditures to 1.5%-2% of sales from the current level of about 4%; buying back "a minimum of $2-$3 billion in stock over the next three years"; and potentially spinning off Macy's higher-growth Bloomingdale's and Bluemercury luxury brands. The group, which also seeks seats on Macy's board, claimed its plan could bolster returns by 150% to 200% over the next three years.

Macy's leaders released a statement expressing confidence in its plans and committed to engaging with Barington, Thor, and other shareholders.

"The Macy's, Inc. Board of Directors and management team are committed to delivering sustainable, profitable growth and driving shareholder value," the company said.

Macy's shares, which are down more than 16% this year, have lost significant value over the past decade as department stores struggled and the company embarked on ambitious capital projects, Barington and Thor said. Macy's has caught the eye of other activist investors, including Arkhouse Management and Brigade Capital Management, which unsuccessfully 澳洲幸运5官方开奖结果体彩网:✱attempted to buy it earl𒀰ier this year.