Re: back in Macy's here.
i haven't looked at macy's in a long time but from my quick work and recollection.
sales are FLAT since Jan 09 FY. this is in a pretty decent economy and with a low starting point.
they in hindsight like these other retailers way overpaid for shares in the 2013-2018 time period.
the real estate helps but if you get rid of the RE holdings how much ebitda do you lose. But yah, i would sell Herald square and de-lever.
no doubt it's optically cheap but in a recession it gets worse in my opinion. but who knows.