Under the deal, Hudson’s Bay will merge its European retail operations with Signa’s German department-store chain Karstadt Warenhaus GmbH. Hudson’s Bay will receive net proceeds of €411 million from the transactions. “This transaction unlocks a tremendous amount of value for shareholders,” said Hudson’s Bay Chief Executive Helena Foulkes, in an interview. Ms. Foulkes, who joined Hudson’s Bay as chief executive in February, has said there are no “sacred cows” when it comes to fixing the business. Hudson’s Bay shares were up 6.8% at 11.51 Canadian dollars on the Toronto Stock Exchange on Tuesday afternoon.

Source: Wall Street Journal September 11, 2018 10:13 UTC