The success of chairman Richard Baker's $1.3bn bid to take the company private depends on whether an independent valuator will see it as more a retailer or a real estate company. Baker has offered C$9.45 a share for the remainder of the company of which he holds already 57%. Some shareholders, however, say they value the company's assets at between C$28 and C$33 a share. The difference is due to disagreements on how much of Hudson's Bay real estate can be divested while keeping it operational. Selling off property raises cash but makes it more financially burdensome for the company to rent the space for the stores it operates. A special committee including the Toronto Dominian Bank, has been granted power to prevent any deal. A similar committee recently rejected attempts by the Nordstrom family to take the company private.

Husdon's Bay operates 39 Saks Fifth Avenue, 133 Saks OFF Fifth, 40 Lord & Taylor, 90 Hudson's Bay department stores and 37 Home Outfitters due to close this year.