OTCPK:HBAYF - Post by User
Post by
onec007on Jun 10, 2019 9:46am
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Post# 29811243
Lets call it what it is...
Lets call it what it is...DISASTER! HBC scooped up Kaufhof from German retailer Metro AG in 2015 for three billion euros ($4.5 billion Cdn). They sold it for 1.5 billion plus anothet 500 million when they formed a JV. So HBC lost 2.5 billion not including probably a billion or two incurred for renovation and losses. When i was in AMS last year and saw this massive HBC store in dt i knew i needed to sell because it was brand new but dead inside. Department store model doesn't work any longer! Only ones that benefit are the ones that bought in this price range even the OPP fund broke even. Wish them well with their privatization efforts but they need to shrink their efforts