Hudson’s Bay Co. has agreed to sell half of its European business in a deal that would bring in more than $1 billion in cash, according to people familiar with the situation, as the department store operator continues to shed assets amid a challenging environment for brick-and-mortar retailers.
The transaction, if completed, would unite Germany’s two biggest department store chains—longtime rivals Galeria Kaufhof GmbH and Karstadt Warenhaus GmbH—in one company.
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