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Land and Buildings warns of proxy fight with Hudson's Bay
September 6, 2017 / 7:40 PM / 19 days ago

Land and Buildings warns of proxy fight with Hudson's Bay

A woman holds a Hudson's Bay shopping bag in front of the Hudson's Bay Company (HBC) flagship department store in Toronto January 27, 2014. REUTERS/Mark Blinch

(Reuters) - Activist investor Land and Buildings Investment Management threatened a proxy fight with Hudson’s Bay Co (HBC.TO) on Wednesday, after the Canadian department store chain reported lackluster second quarter results.

The investor said if the company failed to address its underperformance, then it could call a special meeting to remove directors.

HBC’s shares reversed course to trade up 3.02 percent on Wednesday, after falling as much as 6.4 percent, a day after posting a steeper-than-expected loss in the second quarter.

Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Arun Koyyur

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