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  "documentTitle": "Macy's Inc. (M)",
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  "authorName": "Jeffrey C. Smith",
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      "text": "We have identified more than $500 million in cost reductions through a combination of improved labor productivity and SG&A reductions, as well as other EBITDA improvement opportunities.",
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      "text": "We appreciate the discussions we have had with you and members of the Board of Directors... We were pleased to see the Company announce an immediate reduction in operating expenses of $400 million, with a target of $500 million in expense reductions by 2018.",
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      "text": "January 11, 2016. Terry Lundgren, CEO; Karen Hoguet, CFO, Macy's, Inc.",
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      "text": "In addition, we are pleased that management and the Board of Directors recognize that Macy's owned real estate has substantial value.",
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