A hedge fund, Starboard Value, that was rooting for Macy’s to make changes to improve their real estate strategy has given up and sold all of its shares in the company.

This comes after Macy’s earnings report revealed that it had missed both top and bottom line earnings. This sent shares tumbling to a loss of more than 30 percent last year. The investor group wanted Macy’s to sell its real estate because the value of it was $21 billion versus the retailer’s market cap of about $9 billion. Instead, Macy’s chose to sell some of its assets and redevelop others, like its flagship locations.

There are about 3,800 people employed in Cincinnati between two offices, a call center, and seven retail locations. Stay tuned as the future of Macy’s develops.

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