Activist shareholder Jonathan Litt lambasted a C$1.74 billion bid to take Hudson’s Bay private as “woefully inadequate”, saying the chairman-led shareholder group looking to push through a deal could double the offer.
Canadian department store operator Hudson’s Bay Co on Thursday posted a wider-than-expected loss and a 3.3% fall in first-quarter revenue as it closed some stores and sales at its Lord & Taylor unit fell.
Hudson’s Bay Co Executive Chairman Richard Baker said on Monday he had teamed up with other shareholders to offer to take the struggling Canadian department store operator private in a $1.3 billion cash deal.
Hudson’s Bay on Wednesday reported a quarterly profit that topped estimates, as sales at its Saks Fifth Avenue stores rose during the holiday season and the Canadian company benefited from an increase in online sales.
Tommy Hilfiger has closed its global Fifth Avenue flagship in Manhattan and will close its Miami store on Collins Avenue, as the American label reshapes itself to gain ground in an increasingly digital era of commerce.
Walmart Inc said on Friday it has acquired online lingerie retailer Bare Necessities for an undisclosed amount, its second apparel-focused acquisition in less than two weeks as it seeks more inroads into online fashion.