HBC, Signa form European retail, real estate joint venture: Reuters
Hudson’s Bay Co and Signa Holding will merge Germany’s Galeria Kaufhof and Karstadt to form Europe’s third biggest department store chain as they battle online rivals, Reuters reported. The combined retail company will have annual sales of around 5.4 billion euros (US$6.3 billion). Austria’s Signa will hold a 50.01 percent stake in the new entity, with HBC possessing the rest. HBC bought Kaufhof in 2015, hoping to make it the centre of its European expansion. But the company is battling its own losses and a campaign by U.S. hedge fund Land & Buildings to boost its share price by extracting value from its real estate holdings.
11 September 2018•3 mins read
