Hudson's Bay Company plans IPO
October 18, 2012-- Home Textiles Today,
Toronto - Having sold off its Zellers operation to Target and completed the wind-down of its 169 Fields stores, Hudson's Bay Company plans to return to the Toronto Stock Exchange through an initial public offering of its stock.
Founded 342 years ago, HBC currently owns 206 stores: Lord & Taylor in the U.S. as well as The Bay department stores and Home Outfitters specialty stores in Canada. Its preliminary prospectus, filed yesterday, does not outline the amount it hopes to raise in the IPO.
According to the filing, net earnings in 2011 rose C$1.45 billion from C$88 million, with retail sales up 3.6% to C$3.85 billion. Comps were up 3.7% on top of a 3.2% increase in 2010.
HBC was acquired in 2009 by NRDC Equity Partners LLC, which had earlier acquired Lord & Taylor and Fortunoff.