HBC news and archive

Saks Fifth Avenue stores and e-commerce to become separate companies

Saks Fifth Avenue stores and saksfifthavenue.com are being split into two separate companies. Insight Partners, a private equity firm, partnered with Saks’ parent company Hudson’s Bay Co. to make Saks Fifth Avenue’s e-commerce business its own entity, simply known as Saks. Saks’ e-commerce currently has a 2 billion dollar valuation, and Insight...

Business

HBC plans IPO for Saks.com

Hudson’s Bay Co. (HBC) has plans to spin off Saks.com into a public company in the near future. The news was reported by WWD. HBC has been meeting with investors regarding taking the company public. The plan is to split Saks.com from the Saks brick-and-mortar stores. The plan is to do an IPO within the next 12 months. This would make Saks Fifth...

People

HBC names Michael Culhane CFO

HBC L.P., the parent company of Saks Fifth Avenue, has appointed Michael Culhane as chief financial officer of HBC. Culhane brings more than 30 years of finance and accounting experience primarily in the retail sector. Most recently, Culhane served as chief financial officer at ULINE, Inc., a privately-held shipping and industrial supplies...

Report

Saks OFF 5th appoints ex Nordstrom Paige Thomas as president

New York – HBC (TSX: HBC) announced Monday they have appointed Paige Thomas as President of Saks OFF 5TH, effective immediately. “Paige has a proven track record of achieving aggressive growth within off-price retail through superior cross-channel customer experiences,” said in the corporate announcement Helena Foulkes, CEO at HBC, owner of Saks...

Report

Hudson’s Bay appoints Iain Nairn as President

Hudson’s Bay has appointed Iain Nairn as President, effective January 12th, 2020. The company said in a statement that a highly-accomplished retail executive, Nairn has a remarkable track record of driving profitable growth and transformational change at a wide variety of retailers, from specialty to department store formats. He reports directly...

Business

Hudson's Bay Co. chairman considers raising offer for retailer

Hudson's Bay Co. chairman Richard Baker and his partners have approached the company's minority shareholders about raising the offer to take the company private. Baker has suggested the idea of raising the offer to 11 dollars a share up from 10 dollars and 30 cents a share. Collectively, Baker and his group own 57 percent of Hudson's Bay Co.,...

People

Ed Record returns to Hudson's Bay Company as CFO

Hudson's Bay Company announced the return of its chief financial officer Ed Record. The company said in a statement that Record had been on medical leave and will resume his duties effective December 20. In Record's absence, Becky Roof has been in the position of interim chief executive officer. She is a managing director with AlixPartners LLC...

Report

Hudson’s Bay Company postpones its special shareholders’ meeting ahead of privatisation

New York - Hudson’s Bay Company (TSX: HBC) announced Monday that it has postponed its special meeting of shareholders called to consider the agreement they entered into with Rupert Acquisition LLC on October 20, 2019 pursuant to which HBC will become a private company. If approved, this arrangement would see the retail conglomerate turned into a...

ManagementFeatured

Q3 net loss widens at Hudson’s Bay Company, same-store sales drop

Hudson’s Bay Company’s (HBC) third quarter comparable sales declined 1.7 percent. Third quarter revenues totalled 1.8 billion Canadian dollars, including 55 million Canadian dollars from liquidating stores at Saks Off 5th, Hudson’s Bay clearance centers, and HBC Netherlands. Digital sales increased 15 percent year-over year due to continued...

Management

Hudson's Bay Company sells Lord + Taylor to Le Tote

Hudson’s Bay Company (HBC) has announced completion of the sale of Lord + Taylor to Le Tote, Inc., a fashion rental subscription service, for 99.5 million Canadian dollars (75 million dollars) in cash and a secured promissory note for 32.2 million Canadian dollars (25 million dollars) payable in cash after two years, subject to customary...

BusinessFeatured

Authentic Brands Group announces success in acquiring Barneys New York

After much speculation, Authentic Brands Group (ABG) announced on Thursday evening that it will acquire Barney’s New York. The global brand development company first placed a bid for the fashion company last week. ABG will acquire the Barneys New York label as well as its associated intellectual property, which includes Barneys, FiveSeventyFive,...

ManagementFeatured

Hudson’s Bay Company agrees to takeover bid from Baker-led group

Hudson’s Bay Company (HBC) has announced that, it has entered into a definitive arrangement agreement with a group of HBC shareholders backed by Executive Chairman Richard Baker, to take the Company private. The company said in a statement that the shareholder group, who collectively owns approximately 57 percent of the common shares, will be...