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Money Hudson's Bay Co. in talks for joint venture with Austria's Signa

19:36  06 july  2018
19:36  06 july  2018 Source:   cbc.ca

New Jersey Man Paddle Boards Across Hudson River Dressed in a Suit to Get to Interview

  New Jersey Man Paddle Boards Across Hudson River Dressed in a Suit to Get to Interview He didn't want to be late for an interview, he said.Scott Holt, 32, said was running late for an interview in New York on Thursday and didn’t want to “splurge on a ferry.” So, he grabbed his paddle board and made his way onto the river, clad in a full suit and shoes.

a close up of a sign: HBC revealed it is in talks with Austrian company Signa, but denied it has a deal for its European holdings.© J.P. Moczulski/Reuters HBC revealed it is in talks with Austrian company Signa, but denied it has a deal for its European holdings.

Hudson's Bay Co. says it is in talks with European retailer Signa Holding GmbH regarding a potential joint venture.

The Canadian retailer says it has signed a non-binding letter of intent with respect to the exploration of the idea.

The retailer denied reports in the Financial Times and Wall Street Journal that it had a deal to sell half its European retail business to Austrian-based Signa, which owns rival retailer Karstadt.

In Europe, HBC owns the Kaufhof department store chain in Germany and Belgium, Lord & Taylor and has plans to open HBC stores in the Netherlands and other countries.

Talks break down over Churchill rail sale

  Talks break down over Churchill rail sale CHURCHILL, Man. - Residents of Churchill are devastated after learning efforts to restore rail service to the northern Manitoba town have fallen apart. Hudson Bay Railway said talks broke down on Tuesday after months of negotiation to transfer ownership of the crippled rail line — the community's sole land link — to a consortium of northern communities. The railway, owned by Denver-based Omnitrax, would only say a sale to the consortium may no longer be possible.© Provided by thecanadianpress.com"Despite our best efforts to find common ground on certain key issues, it now appears that this transaction has fallen apart," the company said in a statement.

In response to the media reports, HBC said it has not signed a binding agreement to sell or combine its European business or properties.

It noted there could be no assurance that the talks will lead to a transaction.

Signa made an unsolicited bid late last year for HBC's German operations, but withdrew the offer earlier this year after it was rejected by the HBC board.

In a press release Friday, HBC said any potential deal would be subject to board and third party approval. HBC has been under pressure from investors to reduce its debt amid lacklustre sales.

Ivanka Trump brand dropped by Hudson Bay in Canada .
The large department store company says it will remove the first daughter's products lines from 90 stores"Hudson's Bay is phasing out this brand through the fall based on its performance. As part of our regular course of business, we review our merchandise offerings and make appropriate changes," the company said in an emailed statement.

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