HBC, the owner of Saks Fifth Avenue, said on Friday it would launch the luxury department store’s e-commerce segment as a separate business following a $500 million infusion from a U.S. private equity firm.
Hedge fund Mudrick Capital Management asked Neiman Marcus Group's independent directors on Tuesday to explore a combination with rival Saks Fifth Avenue, as the firm plans to reorganize under bankruptcy protection.
As the Canadian retailer announced that it has completed its privatization transaction, it was also revealed that CEO Helena Foulkes will be stepping down, to be replaced by executive chairman Richard Baker.
Three leading proxy advisory firms have recommended that HBC shareholders vote in favour of the deal that would see a group led by the company’s executive chairman, Richard Baker, take the retailer private.
The department store operator has announced the postponement of a special meeting of shareholders involving a vote on the proposal to take the company private, raising questions about whether the deal will go ahead.