Dillard's department store is under pressure from an activist investor to unlock the value of its rea estate portfolio. The company, which operates 268 stores and 25 clearance centres, is described by the investment group Snow Capital Partners as "an unleveraged real estate company masquerading as a low productivity retailer". Dillard's owns 90% of its store square footage. Some 50 stores have been closed since 2008. Snow Capital owns 2% of Dillard's stock.