Hudson’s Bay owner makes US$340 million from North American real estate sales
Posted November 22, 2023 5:39 pm.
Last Updated November 22, 2023 5:42 pm.
NEW YORK — The company that owns Hudson’s Bay says it completed real estate transactions in Canada and the U.S. resulting in a gain of around US$340 million.
HBC LP, which also owns Saks Fifth Avenue and Saks OFF 5th, says in a statement that it’s the owner and developer of a North American real-estate portfolio totalling approximately US$7 billion.
The historic retailer announced layoffs twice this year as it said the retail sector is navigating significant pressures.
In 2018, when the company was still publicly traded, investors challenged it to sell some of its substantial real estate holdings.
In recent years, the company has introduced several initiatives such as a revamped loyalty program, partnerships with Forever 21 and MEC, and the revival of discount chain Zellers.
Earlier this year, the company shut two of its Alberta department stores, saying the decision reflected changes in the market as well as its vision for the future.
This report by The Canadian Press was first published Nov. 22, 2023.
The Canadian Press
