Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
Democratic Rep. Maxine Waters on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020.Technologyread more
Tensions between China and the U.S. are threatening to slow global trade further, threatening some Asian economies.Asia Economyread more
Tesla loses vice president of HR and head of diversity, Felicia Mayo, one of a few black woman executives to break Silicon Valley's glass ceiling.Technologyread more
Union Pacific CEO Lance Fritz tells Jim Cramer that he is optimistic about trade relations with China, Mexico, Japan, and the EU.Mad Money with Jim Cramerread more
The S&P 500 is closing in on its all-time high, and is likely to sail past it, as long as the Fed promises lower interest rates and the trade war calms down.Market Insiderread more
American Airlines pilots plan to tell lawmakers they are still concerned about fixes to grounded Boeing 737 Max planes.Airlinesread more
President Donald Trump on Tuesday announced that he will not nominate acting Defense Secretary Patrick Shanahan to hold the position in a permanent capacity. Army Secretary...Politicsread more
"I do expect our stock market to be hammered if nothing positive comes of this G-20 meeting ... the most likely outcome is nothing happens," Jim Cramer says.Mad Money with Jim Cramerread more
See which stocks are posting big moves after the bell on June 18.Market Insiderread more
The executive chairman of the owner of Saks and Lord & Taylor is trying to raise equity to fund a take-private of the company, a challenging gambit given the difficulties that leveraged retailers have faced over the past two years, sources familiar with the situation said Friday.
Hudson's Bay Company Executive Chairman Richard Baker is a principal shareholder in the company through his investment in L&T B (Cayman), which has 17.7 percent ownership. Baker is talking to private equity firms in an effort to take his company private, amid pressure from activists to either do so or to redevelop its real estate assets. His push is a long shot, say people familiar with the matter, given struggles by various retailers and the recent bankruptcy filing at Toys R Us.
Other major shareholders include the Abu Dhabi Investment Council with 17.7 percent and the Ontario Teachers' Pension Plan Board with 12.6 percent, according to the company's latest proxy.
Hudson's Bay, which has a market capitalization of 2.35 billion Canadian dollars, said it does not comment on rumor or speculation. It owns Saks, Lord & Taylor and Gilt Group.
The efforts underline the Catch-22 that retailers face, with public investors pounding their stock and private market investors wary of financing a deal that could help them escape the public spotlight.
Activist investor Land & Buildings Investment Management has urged Hudson's Bay to go private or redevelop its real estate assets. The Jonathan Litt-led firm revealed a 4.3 percent stake in Hudson's Bay earlier this summer.
Leveraged buyouts of retailers have become increasingly difficult to finance, with lenders concerned about the albatross of debt payments as retailers must invest in technology and innovation to help adapt to the changing retail landscape.
Toys R Us filed for bankruptcy this week more than a decade after being taken private by financial buyers. Department stores Neiman Marcus and Bon-Ton are both working with advisors to address their debt load.
Still, department stores have not completely abandoned take-private efforts, with some owners and management teams attracted to the appeal of escaping the punishing Wall Street eye. The Nordstrom family, a significant shareholder in the Seattle-based department store, is attempting its own management buyout.
Hudson's Bay is well-versed in the recent difficulties posed by retail acquisitions. Its attempts to buy both Macy's and Neiman Marcus over the past year faltered amid financing and industry challenges.
Hudson's Bay has built a retail empire based on the real estate prowess of Baker, who ran NRDC Equity Partners, the private equity firm that bought Hudson's Bay and took it public. The company has been notable among its retail peers for being an aggressive acquirer. In addition to Saks Fifth Avenue in 2013, its acquisitions include Germany's Galeria Kaufhof in 2015 and online shop Gilt Groupe last year.
To help fund these deals, it has set up joint ventures with real estate firms like RioCan Real Estate Investment Trust and Simon Property Group.
Like all nearly all department stores, it has seen same-store sales and profit drop. In June, the company said it would cut about 2,000 jobs across North America.
CORRECTION: Hudson's Bay Executive Chairman is Richard Baker. His title was misstated in an earlier version of this article.