Cross Border News
Hudson’s Bay Parent Earns US$340M in Asset Sales
The Hudson’s Bay Company department store chain’s parent firm has earned US$340 million from the sale of real estate assets in Canada and the U.S., the Canadian Press reported.
The historic chain, also known as the Bay, dates back to 1670, more than 200 years before Canada became a country.
HBC LP, which also owns U.S.-based Saks Fifth Avenue and Saks OFF 5th, issued a statement saying that it owns and develops a North American real-estate portfolio totalling approximately US$7 billion, CP reported
The parent company shut two Bay stores in Alberta earlier this year and previously faced pressure from investors to sell underperforming assets. The two shuttered stores were located in Banff and Edmonton.
- ◦Sale/Acquisition
