Hudson's Bay Company news and archive

Saks downgraded as S&P flags risk of default amid 600m dollar rescue deal

Saks Fifth Avenue, the storied American luxury department store, has seen its credit rating slashed to near-default levels by S&P Global Ratings. There are growing concerns about the company’s financial health and its ability to meet obligations to creditors, including fashion brands and suppliers still awaiting payment. S&P downgraded Saks’...

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Saks Fifth Avenue e-commerce to operate as standalone entity

Following a new minority equity investment by Insight Partners, Saks Fifth Avenue’s e-commerce site is set to become a standalone entity, known simply as Saks. A partnership between the growth capital firm, which made a 500 million dollar investment in the retailer, and Saks’ owner Hudson’s Bay Company (HBC) has valued the business at two...

Fashion

Coach and Hudson’s Bay Company link for bag collection

Luxury leather goods and apparel brand Coach has linked with Canadian digital-first retailer Hudson’s Bay Company to launch a capsule collection. The accessories capsule collection consists of distinct elements from the two brands’ most recognizable details: Coach’s horse and carriage print, based on its first house logo, and the iconic HBC...

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Jeremy Scott designs limited edition line for Hudson's Bay

Moschino and Hudson's Bay are teaming up for a limited-edition collection celebrating the latter's 350th anniversary. Designed by Moschino creative director Jeremy Scott, the collaboration will retail solely through Hudson's Bay stores and its ecommerce site. The 11-piece unisex collection reimagines distinctive Moschino Couture pieces with the...

Fashion

Saks Off Fifth teams with Girls Inc. for International Women's Day

International Women's Day is March 8, and to mark the occasion Saks Off Fifth has teamed with Girls Inc. The Hudson's Bay-owned, off-price retailer will host a shopping event at its New York City location on March 6 to benefit the non-profit. Girls Inc. offers mentoring relationships, girls-only safe spaces, and research-based programming to...

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Hudson’s Bay shareholders vote overwhelmingly to take company private

Hudson’s Bay Company’s (HBC) shareholders have voted overwhelmingly in favour of a plan to take the Canadian retailer private. In a special meeting held on Thursday, shareholders voted with a 98.28 percent majority in favour of the plan, comfortably surpassing the required favourable vote of at least 75 percent. The resolution also required...

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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...

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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...

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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...

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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...

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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...

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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...