Hudson's Bay Closes Saks Acquisition
November 5, 2013,
TORONTO-Hudson's Bay Co. has finalized its acquisition of Saks Inc., in an all-cash transaction valued at about $2.9 billion, including debt.
With the closing of the deal, the parent company holds three retail brands--Hudson's Bay, Lord & Taylor and Saks Fifth Avenue. Combined, the company operates 320 stores, including 179 full-line specialty department stores, 72 outlet stores and 69 home stores throughout the United States and Canada. The company also operates three e-commerce sites.
The transaction was initially announced in July. As stated in September, Stephen Sadove, Saks' chairman and CEO, and Ronald Frasch, chief merchant, will now step down from their roles. Marigay McKee, chief merchant with Harrods, will now assume the presidency of Saks, as announced later in September.
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
COVER STORY: Sharpening the Focus on Millennials
Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.
ALSO IN THIS ISSUE:
- Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
- Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.