A deal for the Bay is finally close — but is it even worth saving?
The Financial Post takes a look at 11 people and companies we’ll be watching closely in the new year.
This is the Bay on the edge of the so-called Mink Mile, a magnet for the city’s fanciest shoppers. This is also a little piece of what two warring factions of investors, bankers and Bay Street lawyers have been fighting for months to control. If you want to know why the Bay, unchanged, will die, Waks invites you to walk into one of the stores and look around.
Baker’s new offer rescues what looked like a doomed deal since Catalyst, with a 17-per-cent stake, boasted enough allies to derail the old bid in a shareholder vote, which required support from a majority of minority shareholders. In the year and a half since Helena Foulkes took over as chief executive, HBC has rid itself of underperforming assets so it can focus on its core businesses — the Bay and Saks Fifth Avenue — while closing Home Outfitters and selling off Lord and Taylor, as well as the Gilt e-commerce business and HBC’s European operations.
One major problem is that the properties were built for department stores and, lately, department stores have not been strong tenants. In more suburban areas, the Bay tends to be an anchor tenant in shopping malls, and locked into hefty long-term leases. Again, it’s tough to move a footprint of that size.
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