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HBC Closes Sale of European Real Estate and Retail Joint Ventures
Solidifies HBC’s strategic focus on North American operations and greatest opportunities for growth -
Saks Fifth Avenueand Hudson’s Bay
- Proceeds used to strengthen HBC’s balance sheet by fully repaying term loan
HBC permanently repaid its outstanding
The proceeds of the transaction were converted at EUR:CAD = 1:1.4650.
HBC is a diversified retailer focused on driving the performance of high-quality stores and their omni-channel platforms and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in
HBC also has significant investments in real estate joint ventures. It has partnered with
Certain statements made in this news release are forward-looking statements within the meaning of applicable securities laws, including the expectation that the sale will allow HBC to focus on its best opportunities for growth, the anticipated closure of HBC’s
Although HBC believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond HBC's control and the effects of which can be difficult to predict: (a) the ability to realize the expected benefits from the sale of HBC’s remaining stakes in its European real estate and retail joint ventures to SIGNA, including repayment of the term loan and strengthening of HBC’s balance sheet; (b) the ability to realize the expected benefits from the closure of HBC’s
HBC cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause HBC's actual results to differ from current expectations, please refer to the "Risk Factors" sections of HBC's Annual Information Form dated
The forward-looking statements contained in this news release describe HBC's expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, HBC does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
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