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Hudson's Bay closes sale of European assets, JV stake to Signa for €1B

Department store operator Hudson's Bay Co. said it has completed the sale of its remaining stakes in its European real estate and retail joint ventures to its partner Signa Holding GmbH for about C$1.5 billion, or €1 billion.

Hudson's Bay used the proceeds to repay its remaining C$429 million term loan, according to an Oct. 1 release.

The move is part of the retailer's plan to focus on its North American operations, as well as its namesake business division and Saks Fifth Avenue luxury department store chain.

As part of its agreement with the Austrian real estate company, the Ontario-based retailer also took back full ownership of its Netherlands retail business. Hudson's Bay will close its 15 stores, headquarters and e-commerce site in the country. The company added that its Netherlands unit prepared solutions for affected employees.