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.
As Hudson’s Bay steps up the pace of extracting value from its $5 billion property portfolio, the department store chain’s shareholders want it to reduce debt and not invest the proceeds in traditional retail operations.
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.
Vendors who work with the retailers and consultants who advise big department stores say this year chains are much slower in placing new orders for the holidays, as they deal with declining foot traffic.
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.
The sale of Lord & Taylor’s flagship Fifth Avenue store in Manhattan is not surprising considering the plight of retailers, but demand for buildings in major cities for conversion into co-working sites is still growing.
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.
Nordstrom Inc said on Monday its founding family had suspended attempts to take the upscale retailer private for the rest of the year due to difficulties in arranging funds for the deal ahead of the holiday season.