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Hudson's Bay confirms talks with Signa for potential joint venture

Hudson's Bay Co. said July 6 that it is in discussions with Austrian real estate and retail firm SIGNA Holding GmbH and has signed a nonbinding letter of intent to review a potential joint venture, confirming a recent report.

The company, headquartered in Ontario, disclosed that any possible deal will be subject to review by Hudson's Bay and approval by the retailer's directors, as well as other conditions such as due diligence and third-party consents.

"There can be no assurance that any such discussions will ultimately lead to a transaction," the Saks Fifth Avenue operator added.

However, the Canadian department store chain rebuffed reports that it agreed to sell or combine its European division or assets.

The owner of Lord & Taylor shops rejected an offer in February from the privately held property group to buy Galeria Kaufhof GmbH, Hudson's Bay's German department store chain.