Activist Pushes for Hudson's Bay to Sell Saks, Go Private
- Land & Buildings says it may call for new board members
- Litt urges Canadian retailer to consider exiting Europe
A shoppers carries Saks Fifth Avenue bags while walking on 5th Avenue in New York, U.S., on Tuesday, April 8, 2014. Consumer comfort figures are scheduled to be released on April 10.
Photographer: Craig Warga/BloombergActivist Land & Buildings Investment Management said it may call for new directors at Hudson’s Bay Co. if the company ignores suggestions for unlocking value, including selling off Saks Fifth Avenue and potentially going private in a management-led buyout.
“If we do not see substantive progress on a plan to close the gap to underlying asset value, Land and Buildings may be left with no choice but to call a special meeting of shareholders to remove directors,” Jonathan Litt, chief investment officer of Land & Buildings, said in a letter Monday to Hudson’s Bay’s board.