The joint venture with Signa will include the European arm of HBC’s Saks Off Fifth brand, Hudson’s Bay in the Netherlands, Karstadt sports stores and both companies’ food and catering businesses. That deal values the real estate assets at 3.3 billion euros and will generate proceeds of $616 million (Cdn.) for Hudson’s Bay, earmarked for debt repayment. But the region has been a weak spot for Hudson’s Bay, with comparable-store sales there falling in seven of the past eight quarters. Closely held Signa says it owns property worth 12 billion euros and has projects in development worth 8 billion euros.

Source: thestar September 11, 2018 12:48 UTC