Hudson's Bay Co. T.HBC

HBC Responds to Recent Rumours Regarding Its Europe Business

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HBC (TSX:HBC) today stated that contrary to recent reports it has not signed a binding agreement to sell or combine its European business or properties. HBC regularly evaluates potential strategic opportunities to create value for its shareholders. From time to time, this process leads to discussions with potential counterparties. While HBC does not generally comment publicly on market speculation or rumors, in light of recent media reports, HBC believes it is prudent to advise stakeholders that it is in discussions with SIGNA Holding GmbH and has signed a non-binding letter of intent with respect to the exploration of a potential joint venture. Any potential transaction is subject to further review and analysis by HBC, approval of HBCs Board of Directors, as well as many conditions, including due diligence and third party consents, that are outside of HBCs control. There can be no assurance that any such discussions will ultimately lead to a transaction. HBC does not anticipate issuing any further public statement regarding any rumors or speculation in the marketplace unless required by applicable laws.