The real estate transactions came after some of the department store chain’s suppliers scaled back or stopped shipments over withheld payments from its company Saks Fifth Avenue, sources told The Business of Fashion. HBC did not immediately respond to The Logic’s request for comment. (The Business of Fashion)

Talking point: Saks told BoF that it is “confident in our ability to continue meeting all of our financial obligations,” and that it proactively reduced inventory. HBC said it owns US$7 billion worth of real estate in North America. HBC underwent a “digital-first transformation” after going private in 2020, separating its e-commerce and brick-and-mortar businesses for various brands. Canada’s oldest retailer has also tried to capitalize on renewed interest in discount shopping and nostalgia for its Zellers brand. But as the retail industry faces weakened consumer spending, HBC has struggled, laying off about 500 corporate workers this year in two rounds of cuts.