HBC sells flagship Toronto store

TORONTO — Hudson’s Bay Co. will sell its landmark Queen Street location in Toronto to Cadillac Fairview, which manages properties owned by  the Ontario Teachers’ Pension Plan including the Toronto Eaton Centre. Under the terms of the deal, HBC will continue to lease the property for 25 years (with a 50-year renewal option)  and operate a 150,000 square foot Saks store alongside the current Bay, the CBC reports.