Hudson’s Bay Company’s U.S.-based owners are taking the company public

Hudson’s Bay Company’s U.S.-based owners are taking the company public

(Image: JamesZ_Flickr)
 

After months of rumours, the American owners of Hudson’s Bay Company have officially announced that they’re going public with Canada’s oldest company. NRDC Equity Partners, the New York–based private group that has owned HBC since 2008, has filed for an initial public offering of shares of HBC, Home Outfitters and U.S. chain Lord and Taylor. According to the pundits, the timing is good: the Bay’s sales have jumped in the past two years (the department store was reportedly breaking even or losing money for 20 years prior), and selling shares now will ensure NRDC cashes in before revenues are undercut by incoming American giants Nordstrom and Target. All of which means patriotic Canadians eager to bring the iconic stripes home will finally be able to do so (well, one share at a time). [Toronto Star]