May 8, 2018 / 2:54 PM / a year ago

BUZZ-Hudson's Bay: Hits 2-mth high on plans for Lord & Taylor

** Shares of Hudson’s Bay jump as much as 4.6 pct to a near 2-month high of C$9.62

** The Canadian retailer is working with investment bankers and consultants to identify deals and new measures to revive the fortunes of Lord & Taylor chain, Reuters reports

** HBC also working with investment bank PJ Solomon Co on potential deals for its department store portfolio, and with consultant AlixPartners on cost cuts and business reform moves

** HBC also open to divest Lord & Taylor (~10 pct of its stores and retail revenue), but considers this unlikely given a scarcity of potential buyers that would pay top dollar for it

** HBC has considered and abandoned plans to buy and merge Bon-Ton Stores Inc with Lord & Taylor and merging with PE-owned Neiman Marcus

** HBC last up 2.2 vs a 0.11 pct gain in the broader market

** Graphic on HBC shares vs peers since going public: (Reporting by Savio D'Souza)

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