Hudson's Bay gets offer for its German retail chain
An Austrian property and retail group has made an offer to buy Hudson's Bay Co.'s German based department store chain.
HBC said it has received an "incomplete, non-binding and unsolicited" offer with "no evidence of financing" from Signa Holding to acquire its German department store operation, Galeria Kaufhof, and other retail estate assets. Signa is the owner of Kaufhof's principal German competitor, department store retailer Karstadt.
Signa tried to buy Kaufhof in 2015, but was outbid by HBC in a $3.9 billion deal. As part of the deal, HBC acquired 103 Kaufhof stores, and Belgian subsidiary Inno.
The HBC board intends to review the Signa offer. The company cautioned that the offer is subject to many assumptions, conditions and contingencies.
"As we’ve previously stated, our European business is an important element of the company’s strategy," HBC stated. "HBC remains focused on executing its strategy and plans for the upcoming holiday season."
The offer comes a week after HBC announced it would sell its flagship Lord & Taylor location in Manhattan to WeWork Cos. And more recently, HBC was reported to be considering the sale of its flagship store in Vancouver.
HBC operates multiple banners across North America and Europe, including Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, Saks Off 5tj, Galeria Kaufhof, the largest department store group in Germany, and Belgium's only department store group Galeria Inno.
HBC said it has received an "incomplete, non-binding and unsolicited" offer with "no evidence of financing" from Signa Holding to acquire its German department store operation, Galeria Kaufhof, and other retail estate assets. Signa is the owner of Kaufhof's principal German competitor, department store retailer Karstadt.
Signa tried to buy Kaufhof in 2015, but was outbid by HBC in a $3.9 billion deal. As part of the deal, HBC acquired 103 Kaufhof stores, and Belgian subsidiary Inno.
The HBC board intends to review the Signa offer. The company cautioned that the offer is subject to many assumptions, conditions and contingencies.
"As we’ve previously stated, our European business is an important element of the company’s strategy," HBC stated. "HBC remains focused on executing its strategy and plans for the upcoming holiday season."
The offer comes a week after HBC announced it would sell its flagship Lord & Taylor location in Manhattan to WeWork Cos. And more recently, HBC was reported to be considering the sale of its flagship store in Vancouver.
HBC operates multiple banners across North America and Europe, including Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, Saks Off 5tj, Galeria Kaufhof, the largest department store group in Germany, and Belgium's only department store group Galeria Inno.