Sep. 10 at 10:27 PM
Activist investor Barington Capital Group has built a position of about 1 million shares in Bath & Body Works and is urging the retailer’s board to explore a strategic sale, CEO James Mitarotonda told Bloomberg. Barington argues that continued leadership turnover has depressed the company’s valuation despite its strong brand and cash generation. Mitarotonda wants the company to hire financial advisers to begin a sale process, citing potential interest from private-equity firms.
Barington is also calling for an aggressive share-buyback program, using the company’s balance sheet to boost shareholder value. Bath & Body Works said it maintains regular dialogue with investors and remains committed to evaluating options to improve long-term value while executing its strategy.
The renewed activist campaign follows a roughly 78% stock decline since the 2021 separation from Victoria’s Secret, alongside a 50% drop in net income.
$BBWI