Department store chain The Bay is giving itself a makeover as part of a multimillion-dollar project aimed at fixing up nearly all of its locations, ahead of a reported public offering of the parent company’s stock.
The Hudson’s Bay Co. said it has already started work on renovating 80 of its 91 stores across the country, and expects to finish by August.
The announcement comes after Hudson’s Bay agreed last November to sell most of its Zellers locations to U.S. discount retailer Target.
The company previously said it would take money it receives from the Target deal to reinvest in its remaining stores.
Reports have suggested that Hudson’s Bay is also looking to make an initial public offering of 20% of its shares, with a listing on the Toronto Stock Exchange and potentially a U.S. stock market.
The Bay has been undergoing major changes over the past few years repositioning itself as a higher-end retailer as discount U.S. retailers such as Wal-Mart and Target ramp up their presence in Canada.
