Publications

Transactions - JUNE 12, 2019

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Hudson’s Bay Co. to exit its European JV for $1.1b

by Andrea Zander

Canadian retailer Hudson’s Bay Co. has plans to sell its remaining European real estate with Signa Retail Holdings and divest the related retail properties for $1.13 billion.

Last year, HBC’s Kaufhof and Signa’s Karstadt merged to form Germany’s biggest department store group. The group owns the Belgian Galeria Inno chain and 15 stores in the Netherlands.

The struggling retailer has been actively shedding assets; however, the company’s stock continues to decline. This plan also coincides with plans being announced that the retailer is in talks about taking the company private. Hudson’s Bay Co. chairman Richard Baker has teamed up with investors, including Rhone Capital LLC and WeWork Property Advisors, to offer a cash bid valued at about $1.31 billion to take the company private.

Going private will give Hudson’s Bay more flexibility to try new ideas as the company refocuses on North America, said Poonam Goyal, an analyst at Bloomberg Intelligence.

Forgot your username or password?

We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. By clicking on “I accept”, you consent to our Privacy Policy.