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

Is your business ready for when disaster strikes? Find out at FutureBiz Penticton 2019

The event for entrepreneurs to learn and connect returns for its second year on Dec. 4

Shinedown pumped to return to Penticton

The metal band stops at the South Okanagan Events Centre on Oct. 15

Celtic Illusion coming to Penticton in 2020

The show features contemporary Irish dance paired with grand illusions and magic

Alice Cooper coming back to South Okanagan

Alice Cooper’s Ol’ Black Eyes is Back is coming to Penticton in April 2020

Soupateria serves up Thanksgiving for plenty of patrons

Over 175 meals were served by the team of volunteers over two hours on Monday.

Election 2019: Connie Denesiuk – Liberal Party candidate for South Okanagan – West Kootenay

Connie Denesiuk is running for the Liberal Party in the South Okanagan – West Kootenay riding

B.C. boosts legal aid funding in new payment contract

‘Duty counsel’ service restored in some communities, David Eby says

Rugby Canada helps recovery efforts in Japan after typhoon cancels final match

Canadian players wanted to “give back in whatever small way they could”

Enderby massage therapist reprimanded, fined for exposing patients’ breasts

Registered massage therapist admits professional misconduct

Cheating husband sues mistress for gifted ring after wife learns about affair

The husband gave his mistress $1,000 to buy herself a ring in December 2017

British couple vacationing in Vancouver detained in US after ‘accidentally’ crossing border

Parents travelling with three-month-old reportedly being held in Pennsylvania

After losing two baby boys, B.C. parents hope to cut through the taboo of infant death

Oct. 15 is Pregnancy and Infant Loss Awareness Day in B.C.

Extra week added to Sagmoen trial

Pre-trial conference Tuesday sees trial proper date pushed back to Dec. 2

Alberta to join B.C.’s class-action lawsuit against opioid manufacturers, distributors

B.C. government claims opioids were falsely marketed as less addictive than other pain meds

Most Read