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.
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.
Saks Fifth Avenue owner Hudson’s Bay Co said on Wednesday it had received a bid for its German department store chain Kaufhof from Signa Holding, the Austrian property and retail group that owns Karstadt.
Hudson’s Bay activist shareholder Land and Buildings said on Wednesday it believed a highly qualified third-party buyer had “serious interest” in acquiring Galeria Kaufhof, the department store operator’s European chain.
Hudson’s Bay Co, owner of the Saks Fifth Avenue and Lord & Taylor retail chains, plans to review its options including going private following pressure from an activist shareholder, people familiar with the matter said.