BOSTON, May 20 (Reuters) - Investment firm Marathon

Partners Equity Management is turning up the heat on Dr Martens ( DOCMF )

by urging the British boot maker to detail planned

expense cuts and to buy back stock, people familiar with the

matter told Reuters.

The increased pressure comes roughly two months after

Marathon Partners' managing member Mario Cibelli suggested Dr

Martens ( DOCMF ) launch a strategic review that could lead to its sale,

arguing it was the best way forward for the company, whose

chunky lace-up boots have been a fashion statement since the

1960s.

Cibelli has told executives it would be sensible for Dr

Martens ( DOCMF ) to lay out specific plans when it announces earnings

later this month, the sources said.

A representative for Dr Martens ( DOCMF ) declined to comment.

Last month the stock price hit a record low of 65.50 pence

as the company forecast revenue in the key U.S. market would

drop by double digits this year. Dr Martens' ( DOCMF ) share price has

dropped 81% since its public listing in 2021.

On Monday, trading in London closed little changed at 85

pence. In U.S. afternoon trading, shares climbed 4.6% to $1.13.

Cibelli argued the company's intrinsic value remains intact,

but that management should seize on the lower share price to buy

back stock now, the sources said.

The timing could be especially attractive now that Dr

Martens ( DOCMF ) is poised to start generating significant free cash

flow.

Cibelli believes that the company may be able to generate

approximately $750 million of cumulative free cash flow over the

next three years as modest growth resumes, some cost savings are

realized and excess inventory is reduced to normal levels, said

one of the sources who is familiar with his thinking.

The sources asked to remain anonymous because they were not

permitted to comment publicly on the private discussions.

At the same time, Cibelli told executives that investors are

owed specifics about the company's cost cutting program,

especially in the wake of the company's lowered profitability

estimates.

Marathon Partners owns roughly 5 million shares in Dr

Martens ( DOCMF ), making it one of its 30 largest investors.

In light of the company's current market value of about $1

billion, Cibelli said earlier this year that the company's

exceptionally strong brand could make it attractive to potential

buyers who might be willing to spend at least $2 billion to

acquire it.

Under U.K. rules, Dr Martens ( DOCMF ) would have to announce a formal

approach to the company.

Dr Martens' ( DOCMF ) new chief financial officer, Giles Wilson, whose

appointment was announced last year and who was scheduled to

start next month, joined this month.

Dr Martens ( DOCMF ) was bought by private equity firm Permira in 2014

and in 2021, it was listed publicly again. Permira still owns

roughly 38.5% of Dr Martens ( DOCMF ).