26 January 2006

Retail heritage receeding further...

As reported by CBC News: Hudson's Bay agrees to be acquired by U.S. investor Zucker.

Zucker's company, Maple Leaf Heritage Investments ... is "committed to enhancing our customers' shopping experience through a substantially greater focus on service and revitalizing the spirit of the organization," Zucker said in a statement.

"Through the implementation of more efficient methods, we will positively differentiate HBC from its competitors."

There have been rumors flying for the past two or three years that Target was in the wings to take over the Zellers stores within the HBC chain and I was braced for that move. This change may end up being more benign.... or maybe not.

The buyout still requires approval by shareholders.


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