Economy

Hudson's Bay Plans to Sell a Major Canadian Location Amid Declining Sales

Hudson's Bay Plans to Sell a Major Canadian Location Amid Declining Sales”

Saks Fifth Avenue parent Hudson's Bay Co. said Wednesday it has received an offer for its German business from Signa Holding GmbH, the owner of its main German rival, confirming market speculation. "While no decision to sell has been made, we continue to explore opportunistic transactions to enhance shareholder value", said Richard Baker, HBC's governor, executive chairman and interim CEO.

The Toronto-based HBC reported last week it would be selling its NY store in almost $1.1-billion deal that would include leasing significant floor space to collaborative workspace company WeWork. The 650,000-square-foot building is one of the largest retail spaces in Vancouver and has an assessed value of almost $59.7 million.

As part of the $1.6 billion deal, Hudson's Bay will lease out office space in its other locations, including floors of its downtown Toronto and Vancouver stores. The company is now considering various buyer options in an attempt to cut down on the department store's costs.

The Hudson's Bay building at West Georgia and Seymour Street during 2010 Vancouver Winter Olympics.



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