What: Macy’s deflects the threat posed by Arkhouse and Brigade activist funds by appointing two new board members.

Why it is important: Is Macy’s about to go the JC Penney way?

Macy's has added two new board members - Richard Clark and Rick Markee - who were previously nominated by Arkhouse Management, which recently teamed up with Brigade Capital to offer $6.6 billion to acquire Macy's. Clark and Markee will serve on Macy's finance committee, which will review the acquisition proposal and any alternatives.

After initially rebuffing Arkhouse and Brigade's overtures, Macy's is now engaging with the firms, providing them access to confidential financial information. This comes after Macy's added a real estate expert, Douglas Sesler, to its board last month.

The additions of Clark and Markee, with their real estate and retail expertise, could help Macy's as it looks to monetize its substantial real estate portfolio. However, there are risks in selling off too many stores, as Macy's could end up paying rent on locations it previously owned, a challenge faced by Sears.

The shakeup of Macy's board, including the CEO transition from Jeff Gennette to Tony Spring, reflects the pressure the retailer is under. While this is an early victory for Spring, he will need to keep the board focused on his plan to reinvent the iconic department store chain.

Macy’s shakes up board, avoids proxy fight