Apparel rental services could now be taking spend away from traditional sales in an already challenged sector, and it remains to be seen if rental clothes will cannibalize retail sales over the longer term.
Canadian department store operator Hudson’s Bay Co reported a wider second-quarter loss on Thursday, hurt by several shuttered stores, heavy discounting and declining sales at the retailer’s namesake brand.
Buyout firm Catalyst Capital Group Inc said on Monday it will acquire a significant stake in Hudson’s Bay Co, a move that could block the department store’s executive chairman’s plans to take it private.
Hudson's Bay Executive Chairman Richard Baker's $1.3 billion bid to take the department store operator private hinges on whether a valuator will view the company more as a retailer and less as a real estate owner.
The Spanish brand has announced an online partnership with a high-profile department store chain, as well as the opening of three concessions. Mango is also considering opening a flagship store in Miami or New York.
Activist shareholder Jonathan Litt lambasted a C$1.74 billion bid to take Hudson’s Bay private as “woefully inadequate”, saying the chairman-led shareholder group looking to push through a deal could double the offer.