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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Hudson's Bay Company    HBC   CA4442181018

HUDSON'S BAY COMPANY

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Hudson Bay : Saks Fifth Avenue plans expansion into bankrupt Barneys shop in Los Angeles

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02/14/2020 | 05:40pm EST
U.S. flags fly outside of Saks Fifth Avenue in New York

Luxury department store operator Saks Fifth Avenue, owned by Canada's Hudson's Bay Co, is expanding into bankrupt fashion chain Barneys' Beverly Hills shop, people familiar with the matter said on Friday.

The move comes ahead of a shareholder vote later this month to approve Hudson's Bay Executive Chairman Richard Baker's C$2 billion ($1.51 billion) bid to take the retailer private. As a private company, Hudson's Bay will be able to invest in its business without facing scrutiny from public shareholders.

The company's shares fell by almost one-half in the year before Baker announced his bid, but have since risen more than 40%.

Barneys filed for bankruptcy last year due in part to rent hikes. Saks will use some form of the Barneys brand at the Beverly Hills store, according to people familiar with its plans.

The expansion of Saks into the Barneys' location will give the upscale department store three stores on Wilshire Boulevard: its men store, a department store and the third spot in Barneys. It is not yet clear if Hudson's Bay will keep all three locations, the sources said.

Hudson's Bay currently operates 41 Saks Fifth Avenue stores and 114 Saks Off 5th discount locations.

Brand development company Authentic Brands Group LLC bought the Barneys brand and other intellectual property out of bankruptcy last year for about $271 million. Reuters reported that Authentic Brands plans to license the Barneys brand to Saks, setting up plans to open shops in the department store's locations across the United States and Canada.

In a government notice this week, Barneys said it was permanently closing its flagship store on Manhattan's Madison Avenue and its outlet at the Woodbury Common Premium Outlets in Central Valley, New York. It filed a similar notice for its California shops in San Francisco and Beverly Hills.

Both Hudson's Bay and Authentic Brands declined to comment on the Los Angeles store move.

By Melissa Fares and Jessica DiNapoli

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Financials (CAD)
Sales 2020 8 090 M
EBIT 2020 596 M
Net income 2020 -983 M
Debt 2020 898 M
Yield 2020 0,46%
P/E ratio 2020 -
P/E ratio 2021 -19,2x
EV / Sales2020 0,43x
EV / Sales2021 0,32x
Capitalization 2 580 M
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Mean consensus UNDERPERFORM
Number of Analysts 5
Average target price 11,25  CAD
Last Close Price 10,94  CAD
Spread / Highest target 9,69%
Spread / Average Target 2,83%
Spread / Lowest Target 0,55%
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Managers
NameTitle
Helena B. Foulkes Chief Executive Officer & Director
Iain Nairn President
Richard A. Baker Executive Chairman & Governor
Edward J. Record Chief Financial Officer
Stephen J. Gold Chief Technology & Digital Operations Officer
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