Macy’s is under pressure from investors to close its flagship New York City store that was featured in the iconic Christmas movie “Miracle on 34th Street.”

Amid declining sales and financial struggles, Barington Capital Group and Thor Equities have asked Macy’s to sell off some of its prime real estate, which includes the company’s huge Herald Square headquarters in Manhattan.

The investor groups, which hold stakes of undisclosed value in the 194-year-old retailer, estimate that Macy’s real estate portfolio is valued at $5-$9 billion.

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