Czech billionaire Daniel Kretinsky took a stake in Macy's Inc. and plans to engage management on ways to improve performance of the struggling U.S. retailer.

Kretinsky's Vesa Equity Investment amassed a 5% holding in Macy's for strategic investment purposes, according to a securities filing . The purchase makes him one of the company's top five shareholders, according to Bloomberg data.

The move is the latest variable for Macy's, which has been plagued by rising uncertainty since the coronavirus outbreak forced it to close its stores and furlough most of its workers. The chain, which had seen sales declines even before the pandemic, has been seeking additional sources of financing as the lockdown has caused revenue to dry up.

Macy's shares have slumped almost 70% this year.

Kretinsky, who tested positive for the coronavirus in March, has shown an interest in troubled retailers. He invested in France's Casino GuichardPerrachon SA last year after a $6.5 billion takeover offer for German wholesaler Metro AG was rebuffed.

While any crisis is a good opportunity for costs savings and optimizations, he said that a moderate approach should now prevail. "Those who will not react enough will lose all or a lot, but those who will overreact will lose as well, potentially a lot."

He also said in April that the public perception of the outbreak came from misleading math. "In my opinion, the numbers are persuasively showing that the coronavirus, despite being a real tragedy and extremely serious problem for mankind, is not an important life-or-death threat for the standard population with no important underlying health problems."

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