The pressure is growing for Hudson's Bay Co. to raise shareholder value.With HBC's stock price sinking, Land & Buildings Investment Management LLC sent a public letter to HBC's board of directors to "evaluate all strategic alternatives to maximize shareholder value." Land & Buildings holds 4.3 percent of Hudson's Bay shares.Land & Buildings also said a merger of Hudson's Bay with Neiman Marcus or Macy's — HBC has recently been in talks with both chains — would be "challenging and complicated." Land & Buildings noted that HBC's stock has declined nearly 25 percent since the deal talks surfaced.The shareholder also cited Hudson's Bay decision last week to cut 2,000 jobs and reorganize top management to save 350 million Canadian dollars annually.Land & Buildings added that unlike its peers, Hudson's Bay owns the vast majority of its real estate and said it is worth 35 Canadian dollars per share, compared with its current share price of 8.88 Canadian dollars. HBC owns the Saks Fifth Avenue and Lord & Taylor flagships in Manhattan, among other properties.Sensing opportunity with an activist now pushing for changes, investors traded shares of the company up 13.7 percent to 10.10 Canadian dollars in early trading on the Toronto Stock Exchange.
A grooming moment between @tanfrance and @antoni last night at the The LGBT Community Center Trailblazer Awards honoring Anna Wintour, Ricky Martin and more. See more photos at WWD.com #wwdeye (📷: @lexieblacklock)
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This season, denim is going west – in influence. Brands like @fathersdaughterla (pictured here), @tommyhilfiger Jeans, @levis and more are opting for raw, top-stitching styles. (Styled by @thealexbadia; 📷: @ryanplett)
20-year-old British singer @jorjasmith_ made her debut at Coachella last weekend. We caught up with her and talked about her love for Amy Winehouse, working with Kendrick Lamar on the “Black Panther” album and her fashion philosophy. Read the interview on WWD.com #wwdeye (📷: @katiedaisyla)
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“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)