×
144
Fashion Jobs
PEEPAL HR ASSOCIATES (OPC) PVT LTD
Ceo Textile Business (Please Read The jd Before Applying)
Permanent · Hyderabad
VERUSCHKA
Social Media And PR Specialist
Permanent · MUMBAI
VERUSCHKA
E-Commerce Manager
Permanent · MUMBAI
H&M
E-Commerce Commercial Manager
Permanent · NEW DELHI
H&M
Area Facility Manager
Permanent · NEW DELHI
SAROJ JALAN
Marketing Strategist
Permanent · KOLKATA
ADD UR CO LLP
Production Manager
Permanent · Chennai
THE GLOBAL ZONE HR SERVICES
Production Manager/ Supervisor/ Incharge
Permanent · Pune
PUMA
Manager - Digital Marketing
Permanent · Bengaluru
THE BANYAN HR CONSULTS
Brand Manager For Leading Women's Wear Garments CO at Coimbatore
Permanent · Coimbatore
GLAN MANAGEMENT CONSULTANCY
Senior Buyer Lingerie (Knits Western Wear) - Retail Brand
Permanent · GURUGRAM
JOB INDIA
Asst. Manager E-Com Operations (Garments Retail) Gurgaon
Permanent · Faridabad
VASTRAKALA EXPORTS
Quality Manager
Permanent · CHENNAI
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Manager / in Charge - Production/Quality/Cutting - Garments Industry
Permanent · Bhiwandi
MINT AND MILK COMMUNICATIONS
Senior Account Executive
Permanent · MUMBAI
PUMA
Manager- Buying (Apparel)
Permanent · Bengaluru
PUMA
Manager- Business Intelligence
Permanent · Bengaluru
PUMA
Manager- Trade Compliance
Permanent · Bengaluru
PUMA
Manager- Supply Planning
Permanent · Bengaluru
PUMA
Senior Manager - Performance Marketing- Marketplac…
Permanent · Bengaluru
PUMA
Regional Sales Manager- Mbo (South)
Permanent · Bengaluru
PUMA
Manager- Returns And Spf Operations
Permanent · Bengaluru
By
Reuters
Published
Apr 6, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Hudson's Bay explores 'major reinvention,' considers real estate IPO

By
Reuters
Published
Apr 6, 2017

Canadian department store operator Hudson's Bay Co said on Wednesday it was looking at a "major reinvention" of its business operations and gave its strongest signal yet of a possible initial public offering of its real estate assets.

HBC shares, which fell more than 10 percent this week ahead of its fourth-quarter results, rose 7.7 percent to close at C$10.45 on Wednesday on the Toronto Stock Exchange.


Hudson's Bay is considering an IPO of its US and Canadian real estate portfolio - Reuters


"What we should've done and what we should be doing as quick as possible is IPO-ing our U.S. real estate portfolio and/or IPO-ing our Canadian real estate portfolio," said Chairman Richard Baker, adding that other options are still possible.

"Maybe in hindsight, we would have been better off IPO-ing the portfolio six months ago or eight months ago."

The timing for an IPO may not be ideal given expected rising U.S. interest rates and lower valuations for many U.S. retail-focused real estate companies.

The Saks Fifth Avenue and Lord & Taylor owner reported a fourth-quarter loss after markets closed on Tuesday. The results mirrored a trend in retail, especially department stores in the United States and Europe, which have been hurt by changing consumer trends and fierce competition.

Earlier this year, Hudson's Bay said it was undergoing an operations review and expected initial annualized savings of C$75 million. Executives told analysts that was a "first step" with more to come.

"It is a major league, full-time effort in our company right now," Baker said. "We're not just looking at a little tinkering with the business model. We are looking on major reinvention and change in the business."

Executives also reiterated to investors in a conference call that acquisitions remained part of Hudson's Bay corporate strategy. They would not comment on reports that Hudson's Bay was in exploratory talks with debt-laden luxury retailer Neiman Marcus Group, following a failed effort to bid for Macy's Inc.

"In no way would we do an acquisition that affected our debt ratios and impacted our existing business in a material way, but we do view ourselves as a global consolidator," Baker said from the Netherlands, where the company is planning to open more than a dozen Hudson's Bay and Saks OFF 5th stores.

Founded in 1670, Hudson's Bay began primarily as a fur trading business. It once owned more than 40 percent of what is now Canada and a significant portion of what became Minnesota and North Dakota.

© Thomson Reuters 2022 All rights reserved.