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Hudson's Bay CEO calls property sale to WeWork "real win-win"

Published 10/25/2017, 02:38 PM
© Reuters.  Hudson's Bay CEO calls property sale to WeWork "real win-win"
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  • Hudson’s Bay (OTCPK:HBAYF) CEO Richard Baker talks to CNBC about the decision to sell Lord & Taylor’s flagship store in NYC to work-share start-up WeWork (Private:VWORK).
  • WeWork will turn the top floors of the building into its headquarters while Lord & Taylor leases a smaller store space that will still take up 3 floors.
  • Baker notes that deals with WeWork for the Fifth Avenue building and locations in Toronto, Vancouver, and Frankfort will “drive those young millennial WeWork members through our retail stores” and call the situation a “real win-win.”
  • Baker also says the $850M property sale will help Hudson’s Bay pay down its $1.6B in debt.
  • Previously: WeWork buys Lord & Taylor flagship store for NYC headquarters (Oct. 24)
  • Now read: Hudson's Bay Should Benefit From Sears Canada's Demise


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