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

Parksville residents concerned about garbage, needles in Mark’s Nature Park

City pays to have Finholm Street park cleaned each week

Individuals chosen to begin ‘road to recovery’ at supportive housing facility

Orca Place at 222 Corfield St. is expected to open this summer

RCMP make arrest following break-in at Parksville’s Log Cabin General Store

Police credit tips from public for helping with case

Qualicum Beach craft beer festival to showcase local brews, spirits

Event will feature 20 Vancouver Island breweries and distilleries

VIDEO: Killer whale steals fisherman’s catch off North Coast

Fishing duel results in eager orca snagging salmon in Prince Rupert

Child killed after being hit in driveway on Vancouver Island

The driver of the vehicle remained at the crash scene and is fully cooperating

Vancouver Island woman assaulted after confronting thief

RCMP warn residents to call for police assistance

Cat badly hurt in animal trap was likely stuck for days, B.C. owner says

Blu, a three-year-old house cat, suffered severe damage to his hind leg after being stuck in trap for days

Island Health issues safer drug-use tips ahead of music festival season

Health authority aims to reduce overdose risks at festivals

40 cats surrendered in apparent hoarding at B.C. home

Officers found the cats living among piles of garbage and feces, suffering from fleas

PHOTOS: North Island home gutted in fire deemed ‘suspicious’

No injuries reported; firefighters prevented blaze from spreading

Eating sandwiches, putting on makeup behind the wheel could land you a fine

RCMP say if you cause an accident while eating you could be penalized

Fate of accused in Canadian couple’s 1987 killings in jury’s hands

William Talbott’s lawyer says DNA doesn’t prove murder

Most Read