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Hudson's Bay Company: Restructuring in a Retail Decline
內容大綱
In late 2017, Hudson's Bay Company (HBC), Canada's oldest retail company, was facing considerable pressure from activist investor Land & Buildings Investment Management (LBIM) after recording a CA$201 million loss in the second quarter of 2017. Immediately after posting the loss, HBC unveiled its Transformation Plan, which involved a significant restructuring of the company. However, continued clashes with LBIM revealed the plan's inability to alleviate shareholders' concerns. LBIM urged the company to tap into the value of its real estate holdings, which were undervalued relative to the current market capitalization. In the face of these concerns, HBC's chief executive officer announced that he would be stepping down at the beginning of November 2017. How should HBC proceed?