Hudson's Bay CEO Helena Foulkes on how
Hudson's Bay CEO Helena Foulkes speaks to the challenges of being a department store operator in 2019.Helena Foulkes attends the 2018 National Retail Federation Gala at Pier 60 on January 14, 2018 in New York City.Hudson's Bay Company CEO Helena Foulkes knows the department store sector is troubled.
"Barneys [New York] is an example of how tough it is out there," Foulkes said during a discussion at WWD's Apparel & Retail CEO Summit in New York on Tuesday afternoon. "People ... loved Barneys. We hope very much to learn from what they loved about Barneys [to] help us build on our experiences themselves."
Barneys New York filed for bankruptcy protection in August and has since been fighting for its life, putting other U.S. department store operators on notice and keeping them on their toes. Authentic Brands Group, the parent company of over 50 brands such as Nine West and Nautica, said last week it was the successful bidder for Barneys' intellectual property. ABG said, in part, it plans to license the Barneys name to Hudson's Bay's Saks Fifth Avenue. Still, the sale to ABG is contingent on bankruptcy court approval at a hearing this Thursday.
The news has put a spotlight on New York retail in particular, where Barneys' iconic flagship sits on Madison Avenue, and Saks Fifth Avenue's recently renovated shop sits just down the block.
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