Activist shareholder urges sale of HBC sites

TORONTO — An activist shareholder wants venerable retailer Hudson’s Bay Co. to sell off some of its real estate. According to the Globe and Mail, Land and Buildings Investment Management of Stamford, Conn., which owns 4.5% of HBC shares, sent a letter to the board, urging the sale of store sites, which would reportedly be worth as much as four times the value of HBC shares. The retailer suffered deepening losses in it first quarter.