The department-store company, which has already hired an investment bank as it responds to pressure from activist shareholder Land & Buildings Investment Management LLC, plans to hire an additional financial adviser to conduct the review, Reuters reported, citing unidentified people familiar with the matter.
The shares rose to as much as C$11.45 ($9.18), the most in two months.
Tiffany Bourre, a spokeswoman for Toronto-based Hudson’s Bay, declined to comment.
The review could include an effort to take the company private or a sale of real estate or retail assets, according to Reuters.
Land & Buildings sent a letter to Hudson’s Bay in July, saying it may call for new directors if the company ignores its suggestions for unlocking value. The activist investor urged the retailer to consider selling off Saks Fifth Avenue and potentially going private in a management-led buyout. The Stamford, Connecticut-based hedge fund said it owns close to 5 percent of Hudson’s Bay’s outstanding shares.
Department stores are closing stores and reducing their payrolls as shopper traffic to malls declines across the U.S. The largest chains, including Macy’s Inc. and JC Penney, are scrambling to revamp their web operations as consumers migrate to the internet.