A group of Hudson's Bay shareholders led by the chairman Richard Baker have announced plans to take the company private in a C$1.74bn cash deal. The consortium of investors which owns 57% of the business is offering 48% premium on the current share price. Hudson's Bay has been divesting non-core assets while continuing to say that they believe in the group's long-term potential, and looking for alternatives for its Lord & Taylor department stores.

The flagship was sold to WeWork in 2017 for $850m. Since 2915, the Hudson's Bay share price has fallen by nearly 80% with a series of strategic moves including international expansion, and the acquisition and disposal of off-price Gilt Groupe.

A special committee of the board has been created to consider the offer which, if accepted, would be only the first step in a long process. This process might involve selling off more assets, closing more stores and moving towards a smaller revenue stream. Right-sizing might involve a number of measures which would further impact margins such as clearing excess inventories and phasing out unprofitable categories. Hudson's Bay has also announced that it would sell its 50% stake in its German real estate joint venture, all that is left of its Galeria Kaufhof chain acquisition in 2015.