Hudson’s Bay Company (HBC) has successfully completed its plan of becoming a private company.
“This is a great outcome for HBC and all of its stakeholders,” said Richard Baker, governor and executive chairman at HBC. “The continuing shareholder group is resolved to doing what is right for our customers, associates, communities, and partners. As current and future generations change the way they live, shop and work, we are committed to transforming HBC to capitalize on these shifts. It will take patient capital and a long-term view to fully unleash HBC’s potential at the intersection of real estate and retail.”
As part of this move, Helena Foulkes will step down from her role as CEO effective March 13, 2020. Foulkes joined HBC from CVS Health in 2018, where she served as executive vice president of CVS Health and president of CVS Pharmacy.
Baker will take on the CEO role in addition to his current responsibilities. He will be supported by the company’s senior leadership team, including the dedicated presidents of each retail business.
“The company and I are grateful for Helena’s leadership and significant accomplishments over the last two years,” continued Baker. “Together, we have simplified our company, strengthened retail operations and reinvigorated our focus on the customer. Each of our businesses is well-positioned to take advantage of opportunities in their unique markets and we are optimistic about this exciting next chapter for our company. Furthermore, we are confident in our go-forward leadership team and our ability to drive HBC forward.”
Foulkes shared, “I want to thank the entire HBC team for their trust and dedication over the past two years as we worked to transform the company. We made bold moves to streamline the business, modernize our marketing, seize digital opportunities, bolster our senior leadership team and empower each of our retail businesses to excel in the future. I’m proud of the work we have done and how HBC embraced cultural change to prioritize delivering for our customers and creating exceptional experiences.”
Under the terms of the plan of arrangement to take HBC private, the company has purchased for cancellation all of its common shares, excluding shares owned by certain continuing shareholders, for cash consideration of $11.00 per common share.
The company’s common shares are expected to be delisted from the Toronto Stock Exchange at the close of trading on March 4, 2020.