Czech billionaire Daniel Kretinsky has taken a 5% stake in Macy’s

Czech billionaire Daniel Kretinsky has taken a 5% stake in Macy’s and plans to engage management on ways to improve performance of the struggling U.S. retailer, shows Daily Beat NY.

Kretinsky, an energy and media magnate, also purchased a 5.35% interest in the U.K.’s postal service, the Royal Mail.

Daniel Kretinsky calls the participation a “strategic investment”: he also wants to reform the struggling company and aims to have constructive discussions with management and the board of directors, Retail Detail shows.

Macy’s share price plummeted once again, having lost almost 70 % of its valuation this year.

Daniel Kretinsky is CEO and 94% owner of Energetický a průmyslový holding (EPH), the largest energy group in Central Europe and co-owner and president of football club Sparta Prague.

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