The majority shareholder and chief executive of the Canadian department store group has signed an agreement to acquire 18 million ordinary shares by means of Rupert of the Rhine entity.
Richard Baker increases its shareholding in Hudson’s Bay. The chief executive of the Canadian department store group, who controls 70% of the company, has signed an agreement to obtain another 10% of the company through the purchase of 18 million ordinary shares, according to WWD.
The acquisition will be carried out by means of Rupert of the Rhine society, controlled by Baker, and it is expected to be closed within 6 months. The company’s chairman and his partners will pay 9.45 Canadian dollars per share.
Over the last few months, the Canadian company will perform a reorganization of its business. Hudson’s Bay is also owner of the German group Galeria Kaufhof, which last July settled a joint venture with its biggest competitor Karstadt.
The company’s chairman and his partners will pay 9.45 Canadian dollars per share
Furthermore, the Canadian group last June got rid of the e-commerce Gilt, specialized in second-hand luxury clothing sales, two years after purchasing it for 250 million dollars.
Hudson’s Bay owns Inno as well, the only department store group in Belgium. The group closed the third quarter of last fiscal year with 12 million dollar in net losses, compared with the 116 million dollars the previous year. The group sales, on its behalf, rised by 5.6%, reaching 2.2 million dollars.