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HBC To Exit German Operations; Proceeds To Be Used To Fully Repay Term Loan

Hudson's Bay (HBC.TO) has agreed to sell its stake in German real estate joint venture, and divest related retail JV to partner, SIGNA, for $1.5 billion. Also, SIGNA will assume German liabilities from HBC.

Under the deal, HBC will assume ownership of the Netherlands retail business. HBC said it has retained a financial advisor to review options for the Netherlands business.

Helena Foulkes, CEO of HBC said, "The agreement provides us with the best opportunity to capitalize on our German real estate and allows us to further strengthen our balance sheet. Strategically, we will be able to fully focus our resources on HBC's North American operations, including our best growth opportunities - Saks Fifth Avenue and Hudson's Bay."

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