Hudson's Bay: Hits 2-mth high on plans for Lord & Taylor
08/05/2018 15:52
** Shares of Hudson's Bay HBC.TO jump as much as 4.6 pct
to a near 2-month high of C$9.62
** The Canadian retailer is working with investment bankers
and consultants to identify deals and new measures to revive the
fortunes of Lord & Taylor chain, Reuters reports urn:newsml:reuters.com:*:nL1N1SF0U5
** HBC also working with investment bank PJ Solomon Co on
potential deals for its department store portfolio, and with
consultant AlixPartners on cost cuts and business reform moves
** HBC also open to divest Lord & Taylor (~10 pct of its
stores and retail revenue), but considers this unlikely given a
scarcity of potential buyers that would pay top dollar for it
** HBC has considered and abandoned plans to buy and merge
Bon-Ton Stores Inc with Lord & Taylor and merging with PE-owned
Neiman Marcus
** HBC last up 2.2 vs a 0.11 pct gain in the broader market
.GSPTSE
** Graphic on HBC shares vs peers since going public: https://tmsnrt.rs/2I9hhov
(Reporting by Savio D'Souza)
((RM:savio.dsouza.thomsonreuters.com@reuters.net))