HBC investors want debt reduction, payouts from real estate proceeds: Reuters
As Hudson’s Bay Co steps up the pace of extracting value from its US$5 billion property portfolio, the department store chain’s shareholders want it to reduce debt, return cash to them, and not invest the proceeds in traditional retail operations, Reuters reported. Hudson’s Bay is not new to selling real estate, but its actions are under greater scrutiny amid rising tensions between the company and U.S. activist hedge fund Land & Buildings Investment Management. The fund wants the Canadian owner of Saks Fifth Avenue and Lord & Taylor to sell or convert stores to alternate uses and transform itself into a real estate play.
14 November 2017•3 mins read
