Hudson’s Bay has completed the sale of the company’s remaining stakes in its European real estate and retail joint ventures to its partner, Signa Retail, for a total consideration of approximately $1.5 billion.
The move solidifies HBC’s strategic focus on North American operations and greatest opportunities for growth, Saks Fifth Avenue and Hudson’s Bay, the company noted. The company also permanently repaid its outstanding $429 million term loan, strengthening its balance sheet.
The company has assumed full ownership of the Netherlands retail business and the associated guaranteed rent obligations. As previously announced, HBC will close its 15 Hudson’s Bay stores, e-commerce site and headquarters in the Netherlands on or before December 31, 2019.