Barington Capital Group has built a fresh position in Bath & Body Works Inc. and is pressing the retailer's board to explore a strategic sale, sending the shares up 2.3% in extended trading Thursday. Barington Chief Executive Officer James Mitarotonda told Bloomberg the activist firm holds approximately one million shares in the Columbus, Ohio-based company he previously targeted in 2019 under its former identity, L Brands. Mitarotonda said the personal-care chain should immediately retain financial advisers to launch a sale process, arguing that persistent leadership turnover has severely depressed its valuation despite durable brand equity and strong cash flow, and that its market-leading position would draw significant private equity interest. Barington is also calling for aggressive share repurchases and plans to formalize its demands in a forthcoming letter to the board while evaluating a potential proxy contest for board representation. A Bath & Body Works spokesperson told Bloomberg the company regularly engages with investors and remains committed to evaluating all avenues to enhance shareholder value. Since spinning off Victoria's Secret and rebranding in 2021, Bath & Body Works has seen its stock decline roughly 78% alongside a 50% drop in net income, though Mitarotonda offered a measured endorsement of current Chief Executive Officer Daniel Heaf, who joined last year from Nike Inc.
Bath & Body Works Inc.Activist Barington builds a stake and pushes the board to explore a strategic sale, buybacks, and possible proxy fight, lifting shares 2.3%.
Nike Inc
Victoria's Secret & CoBarington is the activist driving the campaign, having built a ~1 million share stake and pressing for a sale and buybacks.
