Hudson’s Bay Co. (Toronto) has been urged by a U.S. activist investor to make a variety of moves to move to profitability, including closing and redeveloping stores or selling or repurposing some of its more valuable properties.
The letter comes from Land & Buildings Investment Management (Stamford, Conn.), which has acquired approximately 4.3 percent of the company’s shares.
The letter brought up the New York location its Saks Fifth Avenue flagship across from the Rockefeller Center. Noting the value of the location, the company questioned whether the best use of the property is as a store.
The company said is reviewing the letter and will respond in due course, reports The Star.