Toronto-based Hudson’s Bay Co., parent company of U.S. department store chain Lord & Taylor and The Bay department stores in Canada, is pursuing an initial public offering according to a regulatory filing the company submitted, Businessweek reports.
With roots that go back to 1670 when it was founded as a fur-trading venture, Hudson’s Bay was previously publicly traded in Canada until 2006.
“The Bay is getting squeezed from both sides, Nordstrom from one side and Target from the other side,” Alex Arifuzzaman, a partner with InterStratics Consultants Inc., a retail consulting firm in Toronto, told Businessweek. “They’re trying to cash in right now before this retail invasion comes next year.”
Hudson’s Bay reported same-store sales were up 3.7 percent in 2011.