×
80 341
Fashion Jobs
FOOT LOCKER
Overnight Assistant Operations Manager
Permanent · Greensboro
BATH & BODY WORKS
Buyer Procurement
Permanent · Columbus
BATH & BODY WORKS
Senior Procurement Manager, Information Technology
Permanent · Columbus
BATH & BODY WORKS
Senior Buyer, IT Procurement
Permanent · Columbus
BATH & BODY WORKS
Maintenance Manager
Permanent · Columbus
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Crestwood
KOHLS
Category Sales Account Manager - Kohl's Media Network *Remote*
Permanent · Menomonee Falls
KOHLS
Manager, Category Account Sales - Kohl's Media Network *Remote*
Permanent · Menomonee Falls
KOHLS
Full-Time Loss Prevention Associate
Permanent · Findlay
KOHLS
Product Manager ii
Permanent · Menomonee Falls
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Albuquerque
KOHLS
Compliance Analyst
Permanent · Menomonee Falls
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Albuquerque
KOHLS
Full-Time Loss Prevention Officer
Permanent · Deer Park
KOHLS
Full-Time Loss Prevention Officer
Permanent · Silver Spring
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Parker
L'OREAL GROUP
l'Oreal Vice President, Data, CRM & Loyalty
Permanent · New York
OLD NAVY
General Manager - Butler Plaza West
Permanent · Gainesville
NORDSTROM
Asset Protection - Agent - Del Amo Fashion Center
Permanent · Torrance
NORDSTROM
Asset Protection - Agent - Northgate Rack
Permanent · Seattle
NORDSTROM INC
Learning & Leadership Manager, Supply Chain - Hybrid
Permanent · Seattle
NORDSTROM INC
Area Manager Warehouse Wcoc -Riverside, ca
Permanent · Riverside
Published
Oct 22, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Hudson's Bay Company special committee agrees to take retailer private

Published
Oct 22, 2019

Hudson’s Bay Company (HBC), the Canadian owner of Saks Fifth Avenue, announced on Monday that, following an extensive review process undertaken by an independent special committee, it has entered into a definitive agreement with a group of shareholders to take the company private.
 

The deal is still subject to approval by Canadian authorities and HBC's other shareholders - Instagram: @saks


If approved by regulators and HBC’s other shareholders later this year, the deal will see the shareholder group, which owns a 57% stake in the company, purchase all of the department store operator’s remaining common shares for C$10.30 per share in cash.

This price constitutes a premium of around 62% compared to the closing price of HBC’s shares on the Toronto Stock Exchange on June 7, 2019, the last trading day before the shareholder group first made its proposal.

It is also 9% higher than the C$9.45 per share first proposed by the shareholder group, which is led by HBC Executive Chairman Richard Baker and also includes Rhône Capital LLC and We Work Property Advisors, among others.
 
The Baker-led group will no doubt be hoping that this improved deal will win over other HBC shareholders, including Catalyst Capital and Paradise Developments, who have previously claimed that the group’s initial proposal was inadequate.
 
“Over the last four months, with the assistance of our independent financial and legal advisors, we have conducted a thorough evaluation of the shareholder group’s proposal and alternatives available to HBC to maximize shareholder value,” explained David Leith, the chair of HBC’s special committee, in a release.
 
“Following this comprehensive evaluation and extensive negotiations with the shareholder group, and consideration of the applicable risks and the opportunities and alternatives available, we are pleased to have reached an agreement with respect to a transaction that provides immediate and fair value to the minority shareholders,” he concluded.
 
As it struggles to adapt to a rapidly changing retail environment, HBC has been trying to streamline its operations this year, selling its Lord & Taylor banner to Le Tote for $75 million in August and announcing in September that it will be shuttering its operations in the Netherlands before the end of the year.
 
It is hoped that by going private the company will be able to make the investments necessary to turn its business around without the pressure of consistently ensuring value for its investors.
 
In September, HBC announced a net loss from continuing operations of C$462 million (C$2.51 per share) for the second quarter ended August 3, 2019, a significant decline compared to the loss of C$104 million (C$0.58 per share) reported by the company in the prior-year period.
 
The retailer’s total quarterly revenue fell from C$1.86 billion to C$1.85 billion.

Copyright © 2022 FashionNetwork.com All rights reserved.