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Macy’s would be more valuable if it just shut down its business and sold everything off for parts.

That’s the argument activist investment firm Barington Capital and private equity firm Thor Equities said in a proposal Monday that called on the company to make drastic changes to boost its stock price.

The problem, they say, is Macy’s is sitting on real estate that is more valuable than the company itself – an untenable situation that masks the true value of the company. Macy’s struggles are making its stock so unattractive that it is worth less than the sum of its parts, they argue.

The solution: Break it all apart.

“Macy’s owns valuable real estate holdings,” Barington said in a presentation posted online. “The market is implying that Macy’s retail operations are essentially worthless.”

The investors claim that Macy’s real estate, including its flagship store at Herald Square in New York City, is worth up to $9 billion on the open market, nearly double Macy’s closing market value Monday of $4.7 billion. They say Macy’s can squeeze more value out of its real estate by paying rent to a subsidiary controlling the property. The company could also sell space to developers to build on Macy’s real estate, like hotels, apartments or offices.

Macy’s owns 720 stores, including luxury department store Bloomingdale’s and beauty chain Bluemercury. The real estate value locked up in Macy’s retail locations is not a new discovery —investors and developers have long sought to build atop Macy’s Herald Square location, and Macy’s has proposed an office tower above the store.

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