Canada’s oldest retailer is making a return to the stock market.
The Hudson’s Bay Company has announced that it has filed a preliminary prospectus for an initial public offering of its shares.
The initial public offering comes as the company gets set to face increased competition, not only from Target next year but also chic U.S. retailer Nordstrom which is opening of its first four Canadian stores in Toronto as well as Ottawa, Calgary and Vancouver starting in 2014.
The Bay has been in the process of shutting down its Zellers brand but continues to operate Home Outfitters stores as well as its flagship Bay chain.
The owner of The Bay department stores last traded on the Toronto Stock Exchange in 2006.