Sept 10 (Reuters) – Activist investment firm Barington Capital Group has taken a new stake in Bath & Body Works and is pushing the company to explore a sale, Bloomberg News reported on Thursday, citing people familiar with the matter.
Shares of the fragrance maker rose about 3% in extended trading.
Bath & Body Works is undervalued, has been hampered by unstable management and should retain advisers to seek buyers, the report said, citing Barington CEO James Mitarotonda.
Mitarotonda said in an interview that “changes are needed” at the company and that its market position, brand strength and cash generation should attract significant buyer interest, including from private equity, according to the report.
Bath & Body Works and Barington Capital did not immediately respond to a Reuters request for comment.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Tasim Zahid)
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