Hudson's Bay owner makes US$340 million from North American real estate sales

The company that owns Hudson's Bay says it completed real estate transactions in Canada and the U.S. resulting in a gain of around US$340 million.

HBC LP,  which also owns Saks Fifth Avenue and Saks OFF 5th, says in a statement that it's the owner and developer of a North American real-estate portfolio totalling approximately US$7 billion. 

The historic retailer announced layoffs twice this year as it said the retail sector is navigating significant pressures. 

In 2018, when the company was still publicly traded, investors challenged it to sell some of its substantial real estate holdings.