Macy's (M) shares rose more than 5% in premarket trading on Monday after Berkshire Hathaway (BRK.A) (BRK.B) disclosed a roughly $55 million investment in the company, representing about 3 million shares, or nearly 1.1% of the retailer.
The investment marks Berkshire's first public department store bet since Warren Buffett and Charlie Munger acquired Baltimore-based Hochschild Kohn in 1966.
The move comes as Macy's pushes ahead with its "Bold New Chapter" turnaround plan, which includes closing around 150 underperforming stores by 2028 while focusing on higher-performing locations.
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