As the Canadian retailer announced that it has completed its privatization transaction, it was also revealed that CEO Helena Foulkes will be stepping down, to be replaced by executive chairman Richard Baker.
Three leading proxy advisory firms have recommended that HBC shareholders vote in favour of the deal that would see a group led by the company’s executive chairman, Richard Baker, take the retailer private.
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.
Signa is to become the sole owner of the Germany retail group after acquiring Hudson’s Bay Company’s 49.99% stake. Hudson’s Bay Company will continue to control its Dutch business through a wholly owned subsidiary.
Premium outlet chain Saks Off 5th is reportedly set to leave the German market just two years after its launch. All eight stores, which sell premium fashion at discounted prices, are due to close in the summer.