It’s not business as usual for Hudson’s Bay Co.
Shareholders on Thursday approved the plan to take HBC private, bringing a different set of priorities to the Saks Fifth Avenue, Saks Off 5th and Hudson’s Bay operations, and possibly a better future for those businesses.
“It’s a great opportunity for us,” Richard Baker, HBC’s executive chairman and architect of the deal to go private, told WWD. “Retail is very transformational at the moment. Operating retail companies in the public market where shareholders demand growing EBITDA, cash flow and dividends is not the way to be transformational and reinvent. Putting Hudson’s Bay in a private setting is the way.”
“We’ve sold off the Lord and Taylor operating company, sold our assets in Europe, but we’ve kept a tremendous real estate portfolio and our two crown jewels, Saks Fifth Avenue and Hudson’s Bay. Now it’s our job to grow and improve those businesses.”
Among HBC’s near-term plans, continuing to elevate the image and luxury appeal of Saks Fifth Avenue, completing the final stages of the renovation of the Saks flagship, and somehow integrating Barneys New York into Saks Fifth Avenue. HBC bought the rights to the Barneys name, in the aftermath of Barneys getting lifted out
Shareholders on Thursday approved the plan to take HBC private, bringing a different set of priorities to the Saks Fifth Avenue, Saks Off 5th and Hudson’s Bay operations, and possibly a better future for those businesses.
“It’s a great opportunity for us,” Richard Baker, HBC’s executive chairman and architect of the deal to go private, told WWD. “Retail is very transformational at the moment. Operating retail companies in the public market where shareholders demand growing EBITDA, cash flow and dividends is not the way to be transformational and reinvent. Putting Hudson’s Bay in a private setting is the way.”
“We’ve sold off the Lord and Taylor operating company, sold our assets in Europe, but we’ve kept a tremendous real estate portfolio and our two crown jewels, Saks Fifth Avenue and Hudson’s Bay. Now it’s our job to grow and improve those businesses.”
Among HBC’s near-term plans, continuing to elevate the image and luxury appeal of Saks Fifth Avenue, completing the final stages of the renovation of the Saks flagship, and somehow integrating Barneys New York into Saks Fifth Avenue. HBC bought the rights to the Barneys name, in the aftermath of Barneys getting lifted out
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