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

Latest round of Columbia River Treaty talks wrap up in Cranbrook

Federal, provincial, U.S. and Indigenous representatives recently met for eight round of discussions

First Nations given max compensation for Ottawa’s child-welfare discrimination

2016 ruling said feds didn’t give same funding for on-reserve kids as was given to off-reserve kids

‘Staring at me:’ Oldest known spider ancestor found in B.C.’s Burgess Shale

‘I turned my head to the right and I see this glowing light coming from this rock’

More than 100 Water Guardians flood to Town of Golden council meeting

Submitted More than 120 people showed up to the Golden Town Council… Continue reading

Climate change website launched by Selkirk College and Columbia Basin Trust

The site features climate information for communities in the Columbia Basin and boundary region

VIDEO: Drone footage documents work to free salmon at Big Bar landslide

Video shows crews working to remove rocks and wood, and transporting salmon by helicopter

Defense says burden of proof not met in double murder case against Victoria father

Closing statements begin in trial for man accused of killing daughters Christmas 2017

B.C. dog breeder banned again after 46 dogs seized

The SPCA seized the animals from Terry Baker, 66, in February 2018

Surrey mom allegedly paid $400,000 for son in U.S. college bribery scam

Xiaoning Sui, 48, was arrested in Spain on Monday night

Three dogs found shot dead in Prince George ditch

The three adult dogs appeared to be well cared for before being found with gunshot wounds, BC SPCA says

B.C. party bus company to be monitored after 40 intoxicated teens found onboard

Police received tip teens and young adults were drinking on party buses and limousines in Surrey

Rick Mercer calls out Conservative candidate in B.C. for fake meme

‘Not true. All fake. Please Stop,’ tweeted Rick Mercer in response

Bear killed in Kimberley after chasing girl, wreaking havoc on town

This particular brown-coloured bear has been the subject of many calls this summer; very food habituated, CO says

Police investigate after intoxicated teens clash with security at B.C. fair

18-year-old woman arrested and RCMP looking at possible assault in Victoria-area fall fair incident

Most Read