The appointment of two new board members as part of a settlement with Arkhouse Management could lead to significant strategic shifts for Macy's. While the potential buyout by Arkhouse and Brigade Capital Management at $21 per share suggests a valuation upside, the uncertainty surrounding the company's direction and the focus of the new investors on real estate rather than retail could introduce volatility to the stock. The recent 3.16% drop in share price reflects market uncertainty. However, the board's openness to exploring all options to maximize shareholder value could mitigate drastic negative impacts in the short term.