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.
Deloitte’s Global Powers of Retailing ranking 2018 shows that US retail giants are losing their grip on the international market, while e-commerce, European fast fashion and sportswear brands are all gaining ground.
The US luxury department store is reportedly on the hunt to replace Karen Katz as CEO, sources close to the matter told local media on Thursday. Neiman Marcus declined to comment further on the rumour.
Hudson’s Bay Co on Wednesday reported a wider-than expected quarterly loss, missing analysts estimates amid lower retail sales, as the Canadian department store operator battled with a challenging retail environment.
Wal-Mart Stores said on Monday it will offer Hudson’s Bay Co-owned department store chain Lord & Taylor dedicated space on its website, as it looks to make deeper inroads into the fast-growing online fashion business.
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.