Macy’s faces calls from a pair of activist investors to make a slew of changes at the department store chain. The activist investors are Barington Capital Group and Thor Equities.

Thor Equities and Barington Capital want the company to unlock retailer’s real estate portfolio, valued at an estimated $9 billion.

Activist investor Barington Capital Group is calling on department store retailer Macy’s to develop an internal real estate subsidiary, reduce capital expenditures, and explore strategic options for its Bloomingdale’s and Bluemercury chains among other changes to boost its slumping stock,

Activists have knocked on the iconic department-store chain’s door over the years with little success so the company’s investors mostly shrugged off the news: After jumping by as much as 5% Monday, Macy’s shares ended the day up just 1.

Investors Barington Capital and Thor Equities said creating a specialized subsidiary could increase the value of the company’s real estate holdings.

Two business entities have teamed-up to mount a new effort to takeover the struggling Macy's department store chain, according to new information.

Barington is working with Thor Equities and wants the retail company to slash spending.

They said that Macy's shares are undervalued and that its real estate is worth between $5 billion and $9 billion.

Key Takeaways Barington Capital Group and Thor Equities called on Macy's to create a real estate subsidiary and limit its capital expenditures.The activist investors say the real estate arm could charge rent to stores and pursue property sales.