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September 13, 2018

HBC Europe to merge retail operations with German department store chain Karstadt

Hudson's Bay Company (HBC) has signed definitive agreements to merge its European retail operations with German department store chain Karstadt Warenhaus.

Hudson’s Bay Company (HBC) has signed definitive agreements to merge its European retail operations with German department store chain Karstadt Warenhaus.

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Following the completion of the deal, HBC will hold 49.99% interest in the combined entity.

The merged entity will become a well-capitalised retailer featuring Galeria Kaufhof and Karstadt brands from the department store chain along with HBC and Signa banners.

Karstadt Warenhaus CEO Stephan Fanderl will lead the new retail entity in collaboration with a German retail operator, while HBC and Signa together hold six board seats and have joint oversight of all major decisions.

HBC chief executive officer Helena Foulkes said: “We are creating a stronger retail entity that is better positioned to capitalise on market opportunities. This transaction builds on our recent efforts to streamline HBC and provides a clear path forward to improve our European operations.

“We are taking strong action to strengthen our retail portfolio and enhance HBC’s profitability.

“This transaction builds on our recent efforts to streamline HBC and provides a clear path forward to improve our European operations.”

“The creation of a stronger operator in Europe allows us to focus our attention on our North American banners, helping to ensure we are making the right strategic decisions to drive performance and profitability within those businesses.”

Signa will also establish a 50-50 joint venture by purchasing 50% interest in HBC’s German real estate assets.

The merger of both the retail companies and the formation of the real estate joint venture are subject to approval from European competition authorities and satisfaction or waiver of customary closing conditions.

The deals will close within the next three months.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.