TORONTO — Hudson’s Bay Company is taking advantage of locked-in low interest rates to mortgage the ground floor of its Saks Fifth Avenue flagship in Manhattan, CTV News reports. The US$1.25 billion mortgage will entail some $76 million in one-time expenses, but should then save the company some $5 million yearly in cash interest expenses. CEO Richard Baker told analysts that the move gives the company flexibility and control over the property, not ruling out a future REIT.
HBC takes out 20 year mortgage on Saks store
Most Recent
Most Read
Rainbow Bridge car explosion was a lumber dealer, not a terrorist
Thu, November 30th, 2023
Giant Tiger opens Toronto-area location
Thu, November 30th, 2023
Regal ideas makes changes to its sales force
Thu, November 30th, 2023
Throwback Thursday: 20 years ago, Castle hired dealer recruitment specialist Mike Frame
Thu, November 30th, 2023
Home Depot Canada renews campaign to support homeless youth
Wed, November 29th, 2023
Rodbell rejoins Hudson's Bay in top job
Wed, November 29th, 2023
Mastermind Toys obtains creditor protection
Wed, November 29th, 2023
BMR recruits former IKO sales manager to head up pro sales
Tue, November 28th, 2023
Atlantic dealers get hiring tips at ABSDA’s HR Conference
Tue, November 28th, 2023
Who’s taking over the Bad Boy business? Nooobody!
Tue, November 28th, 2023