The Canadian owner of Saks Fifth Avenue announced on Monday that, following an extensive review process, it has entered into a definitive agreement with a group of shareholders to take the company private.
The retail chain announced on Tuesday that it has completed the sale of its remaining European real estate and joint ventures to Signa Retail, as the company seeks to focus its attention on its North American operations.
Apparel rental services could now be taking spend away from traditional sales in an already challenged sector, and it remains to be seen if rental clothes will cannibalize retail sales over the longer term.
Canadian department store operator Hudson’s Bay Co reported a wider second-quarter loss on Thursday, hurt by several shuttered stores, heavy discounting and declining sales at the retailer’s namesake brand.
Buyout firm Catalyst Capital Group Inc said on Monday it will acquire a significant stake in Hudson’s Bay Co, a move that could block the department store’s executive chairman’s plans to take it private.
Hudson's Bay Executive Chairman Richard Baker's $1.3 billion bid to take the department store operator private hinges on whether a valuator will view the company more as a retailer and less as a real estate owner.
Activist shareholder Jonathan Litt lambasted a C$1.74 billion bid to take Hudson’s Bay private as “woefully inadequate”, saying the chairman-led shareholder group looking to push through a deal could double the offer.