Canadian department store operator Hudson’s Bay Co agreed to sell its Lord & Taylor flagship building in New York for $850m to WeWork, in what may be a step toward easing tensions with activist investor Jonathan Litt.
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.
Don Watros, who has spent 11 years with HBC, will part ways with the company on September 29, 2017. The announcement of his departure comes one day after HBC moved up the opening date of its Netherlands location.
Hudson's Bay will open its first store in the Netherlands on September 5 instead of September 19 as originally planned. The range will be younger and more fashion forward than that of its sister retailer Galeria Kaufhof.