FILE - In this Feb. 20, 2019, file photo a mannequin wears a red dress inside the Saks Fifth Avenue’s flagship midtown Manhattan store in New York. A group of shareholders of Saks Fifth Avenue’s parent is making an offer to take the struggling department store chain private. The offer was announced Monday, June 10. (AP Photo/Kathy Willens, File)

Hudson’s Bay executive leads bid to take retailer private

Hudson’s Bay has struggled to adapt to a changing retail landscape

A group of shareholders of Saks Fifth Avenue’s parent is making an offer to take the struggling department store chain private.

The offer, announced Monday, is being led by Hudson’s Bay Executive Chairman Richard Baker, Rhone Capital LLC, WeWork Property Advisors, Hanover Investment SA and Abrams Capital Management. The proposal values the company at 9.45 Canadian dollars ($7.12) per share in cash. That’s a 48% premium to the company’s closing share price on the Toronto Stock Exchange on Friday.

The group of shareholders together own 57% of the Canadian company.

The offer is conditioned in part on the $1.5 billion sale announced Monday of Hudson’s remaining half of its interest in its European business.

Like many department stores, Hudson’s Bay has struggled to adapt to a changing retail landscape.

ALSO READ: HBC shuttering Home Outfitters across Canada

ALSO READ: Hudson’s Bay Co. says Saks Fifth Avenue stores affected by data breach

Anne D’Innocenzio, The Associated Press


Like us on Facebook and follow us on Twitter.

Just Posted

Chance of showers and thunderstorm for Okanagan-Shuswap-Similkameen

Mostly cloudy day for the Okanagan-Shuswap and Similkameen regions

“Our community has had its heart broken”: Penticton celebrates life of David Kampe

Community and families members who knew Kampe give tearful addresses

Summerland celebrates new skate park

A couple hundred people crowded the park for the official opening June 22

Okanagan-Shuswap weather: Unsettled skies dominate the week’s forecast

A chance of thunderstorms is in the forecast for much of the Okanagan-Shuswap.

COLUMN: In praise of Millennials

Plenty of examples of young people who are neither lazy nor entitled

Protesters rally in Victoria over newly approved Trans Mountain pipeline

The Still No Consent! No Trans Mountain! 20 kilometre march will end at Island View Beach

Air Canada reviewing how crew left sleeping passenger on parked plane

In a Facebook post, the woman said she woke up ‘all alone’ on a ‘cold dark’ aircraft

Crews fight wildfire along Sea-to-Sky Highway

A cause has not been determined, although a downed power line is suspected

Two mudslides close Seymour Arm road in North Shuswap, no one injured

Slides hit Seymour Arm Main Forest Service Road halfway between St. Ives and Seymour Arm

One Okanagan municipality has seen a crime increase in almost every statistical category, report says

Report states there were 617 offences in Lake Country in 2018; almost 100 more than 2017

Lower lake levels could create bumper crop of invasive milfoil

The CSRD board received an update on efforts to suppress the invasive aquatic plant

PHOTOS: Event marks one year since soccer team rescued from Thai cave

Nine players and coach took part in marathon and bike event to help improve conditions at cave

Vernon and Sicamous cannabis stores get provincial nod

Spiritleaf in Vernon will be the Okanagan’s first cannabis store.

Most Read