Hudson’s Bay Chief Executive Helena Foulkes is expected to discuss a joint venture between Germany’s Kaufhof and Austrian property group Signa Holding during a trip to Europe this week, sources said on Tuesday.
Saks Fifth Avenue owner Hudson’s Bay Co is in discussions with Austrian property and retail group Signa Holding GmbH about a joint venture for its German retail chain Kaufhof, two sources said on Monday.
Canada’s Hudson’s Bay Co. confirmed on Tuesday it would sell its unprofitable online banner Gilt and said it would close up to 10 Lord & Taylor stores, including its Manhattan flagship, as its quarterly loss widened.
Initial plans to open 20 Hudson’s Bay department stores in the Netherlands have been narrowed to 15. The retailer announced that it is currently focusing on stores that are in development and denies financial problems.
Hudson’s Bay Co plans to reject Austrian property and retail group Signa Holding GmbH’s 3 billion euro bid ($3.7 billion) for Kaufhof, Germany’s largest retail chain, people familiar with the matter said on Wednesday.
Signa Holding GmbH, the Austrian group that owns German department store operator Karstadt, sent Hudson’s Bay Co this week details of the financing it has put together for its 3 billion euro bid for Kaufhof.