Market News

No Mass Closures for HBC—Zucker

The Hudson\'s Bay Company\'s (HBC) new owner, Jerry Zucker, has squashed rumours that plans were in the works to unload as many as 80 HBC outlets by unveiling a real estate strategy that includes revitalizing and improving the company\'s real estate portfolio. Rumours had been swirling that Zucker had circulated a list of underperforming sites—which were potentially up for grabs—to retailers such as Sobeys, Metro and Canadian Tire; HBC denies a list existed. Said Zucker in a recent release: "I am truly excited about this company\'s opportunities and we intend to grow HBC\'s five formats by improving our portfolio, not through mass closures. That\'s just not in the cards and anyone speculating that it is, is not informed of my vision for HBC. Source: Canadian Grocer E-Newsletter, April 7, 2006.