USA activist investor seeks shakeup at Hudson's Bay

Bloomberg

HBC's leading banners across North America and Europe include Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, Saks OFF 5TH, Galeria Kaufhof, the largest department store group in Germany, and Belgium's only department store group Galeria INNO.

Shares of Hudson's Bay Company jumped nearly 13 per cent on Monday after a minority shareholder said the retailer should consider selling its real estate holdings or consider a privatization by management.

Land & Buildings founder and chief investment officer Jonathan Litt said the firm has watched HBC's efforts to strike a merger deal with Neiman Marcus or Macy's, and has seen the company recently announce a restructuring as it tries to deal with changes forces in the retail market. To date, the only result of these efforts has been the stock declining almost 25% since the deal talks surfaced, and the Company announcing last Thursday that it would be undertaking a massive $350 million restructuring to realign its own business "to get ahead of the changing retail landscape". (HBAYF) and is considering strategies including taking the retailer private or redeveloping its vast real estate holdings, the Wall Street Journal reported.

Land & Buildings noted that NYC Saks Fifth Avenue location alone has been independently valued at about C$5 billion or C$16 a share.

Davis says will talk in positive and constructive tone
However, it seems unlikely he will be able to resist public comment on the Brexit process, which he has described as a "tragedy". The Prime Minister's legacy will be defined by whether she makes good on her promise to make a success of Brexit .

"This drastic public markets mispricing is why Hudson's Bay should evaluate all strategic options to maximize value for shareholders, including monetization or repurposing of real estate or the company being taken private by management", Land & Buildings said.

The Saks Fifth Avenue location in NY could be valued at C$5 billion ($3.8 billion) alone, Litt said.

HBC has significant investments in real estate joint ventures. And while it doesn't know chairman Richard Baker well, others speak highly of him. "If there is a smarter and better use of any or all of the locations, stores should be closed and redeveloped and put towards their optimal use", he added. The activist investor has suggested selling some of the retailer's prime real estate to be developed into hotels or office buildings. (TSX:HBC) is facing investor pressure to get more value from its real estate assets, even if that means closing stores including its "crown jewel" locations.

Related News:

  • FATHER'S DAY 2017: Is your dad the best in East Lancashire?

    "The depth of the love and patience that I have for another human being, that's what's changed me - even at 45", shares Scott W. Dad , you are the only reason why I would want to believe in heaven-because that is the only place you deserve to be in.

    Russia obey Putin's orders with opening-day win

    Portugal face Mexico at the Kazan Arena while Cameroon and Chile will meet at the Otkritie Arena in Moscow. It helped the Russian team to seize the lead after twice having shots stopped on the line.

    EQT buys Rice Energy to create shale gas drilling giant

    Oxford Asset Management's holdings in Rice Energy were worth $824,000 as of its most recent filing with the SEC. Finally, Barings LLC bought a new stake in shares of Rice Energy during the fourth quarter worth about $278,000.
  • UK officials treating mosque attack as terrorism

    The incident comes at a time when emotions are high in the United Kingdom , in the wake of a series of deadly terrorist attacks. The incident comes weeks after a van hit pedestrians on London Bridge and knife-wielding attackers killed eight people nearby.

    Northam Wins Virginia Democratic Primary For Governor As GOP Race Remains Tight

    But first, Perriello praised Northam for winning a "great victory, and offered him my full and unequivocal support". Republican on of his Board of Supervisors endorsed Gillespie but won Prince William County with 60% of the vote.
    US Vice President Hires Lawyer For Russia Probes

    US Vice President Hires Lawyer For Russia Probes

    Pence has not come under any particular scrutiny over the course of the Department of Justice Russia investigation. A few days ago Mueller widened the scope of his inquiry to include a criminal investigation of the president.
  • London fire: 58 confirmed or presumed dead after Grenfell Tower disaster

    London fire: 58 confirmed or presumed dead after Grenfell Tower disaster

    It includes 30 deaths that already have been confirmed, and reports of people who are missing and presumed to have been killed. Earlier this week, May was confronted by protesters furious over her handling of the Grenfell Tower disaster.
    79 now believed to have died in London high-rise fire

    79 now believed to have died in London high-rise fire

    Police say at least 58 people are either confirmed or presumed dead, with the figure likely to rise in coming days. Five people who had been reported missing after the disaster have been found safe and well, he said.

    Turkish troops hold exercises in Qatar in show of support

    Last week, Riyadh , along with other Arab governments, severed ties with Qatar, citing its support of Iran as a reason. The foreign and economic ministers of Qatar are members of the royal family under the emir's absolute monarchy.
  • Could Ascena Retail Group Incorporated (NASDAQ:ASNA) Change Direction After More Shorts?

    On average, equities research analysts anticipate that Ascena Retail Group will post $0.12 EPS for the current fiscal year. Moreover, Blackrock Institutional Tru Na has 0% invested in Ascena Retail Group Inc (NASDAQ:ASNA) for 4.42 million shares.

    Aftermath of attack near London mosque

    Mr Basu said all victims were members of the Muslim community but that it was too early to determine the motive of the attack . Transport for London tweeted that Seven Sisters Road was closed northbound at Hornsey Road and southbound at Rock Street.
    Alun Wyn to captain Lions against Crusaders

    Alun Wyn to captain Lions against Crusaders

    CJ Stander had scored a try on his debut for the Lions to put them 7-5 ahead after R Ioane had gone in for the Blues . Scott Robertson said his unbeaten Crusaders side is relishing the chance to come up against Warren Gatland's Lions .


Most liked

Lennar Corporation (LEN) Now Covered by Analysts at Mizuho
With 2.35 million avg volume, 7 days are for Truecar Incorporated (NASDAQ:TRUE)'s short sellers to cover TRUE's short positions. Lennar Corporation (NYSE:LEN) has a market cap of $12.26 billion and over the last 12 months, LEN has gone stronger by 15.91%.

Portugal awaits foreign help to fight deadly wildfires
France also sent three aircraft and Greece's prime minister had made the offer to send his country's firefighters to the region. Gomes also said that eight firefighters were among the injured - four of them in serious condition.

Rockstar Games Issues A Statement On The Recent GTAV Modding Crackdown
On the other hand, the petition to save OpenIV which is single player modding tool has now reached 36,000 signatures. While some do understand Take-Two's position, most gamers won't.

Bill Cosby's attorney says he is worried about entertainer's health
An eighth woman withdrew her lawsuit and a federal judge dismissed a ninth accuser's case, finding her complaint inadequate. Legal experts say prosecutors in Bill Cosby's sexual assault case are likely to reshape their case for the second trial.

Brooks Koepka wins 117th US Open
Open ", he said, "to finish in double digits under par at a major championship, especially the Open, it was a good week". Only four left-handers-Bubba Watson, Phil Mickelson , Mike Weir and Bob Charles-have won major championships.

One dead as van rams pedestrians near London mosque
I tried to stop him (the suspect), some people were hitting him but I said stop him and keep him until the police came. The group's general secretary, Harun Khan , said that eyewitnesses saw the van driver hit a number of Muslims.

Nadal captures record 10th French Open
And should he remain fit and healthy, expect to see him crowned as the world's best player once again. Thank you to the organisers, the other players, to all the people that make this tournament possible.

Victor Lindelof: Manchester United move hinged on Jose's call
The Black Eagles have won the Turkish league for two seasons running and have booked a place in next seasons Champions League. Mourinho has set his sights on signing Real Madrid striker Alvaro Morata to bolster his strike force for the new season.

Trump may 'terminate' Russia probe investigator, says president's pal
Gingrich and Ruddy said it would be a "mistake" for Trump to remove Mueller, although both said they see the probe as unnecessary. The notion was dismissed by senior White House aides later Monday evening, who said that Ruddy does not speak for the president.

Ostapenko eager to build on remarkable Roland Garros win
You can live-stream the action at Roland Garros through NBC Sports Live Extra in the US or Eurosport Player in the UK. Her confidence comes both from youth and the knowledge that, when she is on form, very few players can live with her.

Alex Rodriguez Crashed Jennifer Lopez's Interview & It Was Adorable
Another insider claimed that the Maid In Manhattan actress is already in talks with the former Yankees player about marriage. With that, the moment was over, with the On the Floor singer picking up her sentence exactly where she had left off.

Scalise Upgraded From Critical To Serious Condition
He had with him a piece of paper with doodles and the names of three politicians, according to a person familiar with the case. The American Hospital Association defines "critical" condition as: "Vital signs are unstable and not within normal limits".

Several killed in London vehicle collision
Eight injured people were taken to hospitals, and a suspect was arrested. "He was trying to run away but people overpowered him". Meanwhile, the man who ran over the pedestrians with a white van auto screamed that he wanted to kill all the Muslims.

What Can Be Done On Local Level To Follow Paris Climate Deal?
This would still be much cheaper than the Paris agreement, which requires the rollout of expensive, inefficient energy. Just like the fall of the Roman and British Empires, with Trump's presidency the U.S.is no longer a world leader.

London Again: 1 dies, as van slams into crowd of worshipers
Ratib Al-Sulaman told CNN he was sitting with friends two minutes away, when an "incident in front of the mosque " occurred. She said her thoughts were with the injured, their loved ones and emergency officials who responded to the incident.