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Hudson's Bay receives unsolicited offer for German chain

Last Updated Nov 1, 2017 at 1:27 pm EST

A man walks past the Hudson's Bay Company sign in Toronto on Feb. 4, 2009. THE CANADIAN PRESS/Nathan Denette.

Hudson’s Bay Co. says it has received an offer from European retail competitor SIGNA Holding for its German department store chain Kaufhof and other real estate assets.

The company confirmed the unsolicited offer after trading of its shares was temporarily halted on the Toronto Stock Exchange.

HBC says its European business is an important element of the company’s strategy and its remains focused on the upcoming holiday season.

The company acquired Kaufhof in 2015 as part of a $3.2-billion deal that included Belgium retailer Galeria Inno and other real estate assets.

It’s been tumultuous couple of months for the retailer, which sold its storied Lord & Taylor property in the heart of New York City in October after an activist investor threatened to seek the removal of company directors.

CEO Gerald Storch has also announced he will be leaving the company and earlier in the week the retailer said it may sell its downtown Vancouver property.