A special committee of the board of directors of Hudson’s Bay Company has issued an update on its ongoing review of the June 10 proposal for the privatization of the company from a group of HBC shareholders, including HBC’s governor and executive chairman, at a price of $9.45 per share in cash.
Although Hudson’s Bay has taken a number of significant steps to right its financial course, including winding down its Home Outfitters chain and selling its German operation, the company still posted a bigger first quarter adjusted net loss. The bigger loss came despite improvement at its Saks department store and off-price operations.
As the corporate board reviews a privatization bid, Hudson’s Bay entered into definitive agreements to sell its remaining stake in its German real estate joint venture and divest a related retail joint venture to its partner, Signa, for $1.5 billion.
Hudson’s Bay Company (HBC) said it is pursuing strategic alternatives for the Lord + Taylor operating business, including a possible sale or merger.
Hudson’s Bay is closing its Home Outfitters business in Canada and is performing a review of Saks Off 5th’s 133 stores, with an estimate of closing up to 20 locations in the U.S.
Hudson’s Bay Co. has refuted recent reports it had signed a binding agreement to sell or combine its European business or properties but acknowledged that it is in discussions with Signa Holding GmbH exploring a potential joint venture and has signed a non-binding letter of intent with that firm.
Following its pending sale of Gilt to Rue La La, Hudson’s Bay revealed a bigger net loss and lower overall comps in the first quarter.
Hudson’s Bay has named Stephen Gold as chief technology and digital operations officer, effective immediately.
Hudson’s Bay has appointed Vanessa LeFebvre as president of Lord & Taylor.
Hudson’s Bay Company has appointed Bari Harlam as chief marketing officer, effective immediately.
Hudson’s Bay said it has become aware of a data security issue involving customer payment card data at certain Saks Fifth Avenue, Saks Off 5th, and Lord & Taylor stores in North America.
With a new CEO at the helm, Hudson’s Bay’s turnaround strategies helped it improve results and post a profit in the fourth quarter, but sales continued to decline.