Hudson's Bay (OTCPK:HBAYF) announced a partnership with SIGNA (the owner of Germany's Karstadt department stores) that involves it giving control of the European retail operations to SIGNA and entering into both a retail joint venture and a real estate joint venture.
This partnership allows Hudson's Bay to focus on improving its North American retail operations as well as gain some funds to help itself deleverage some more. The retail joint venture theoretically should result in improved results with more efficient operations and the closure of some weaker stores. SIGNA appears to be a