Saks Inc. has agreed to sell itself to Hudson’s Bay Co. for about $2.4 billion. The Canadian parent of retailer Lord & Taylor will combine three department-store brands with this acquisition—Hudson’s Bay, Lord & Taylor, and Saks Fifth Avenue—in order to create a North American upscale retailing giant with 320 stores in some of the biggest cities in the U.S. and Canada.
Hudson’s Bay Co. Chairman and CEO Richard Baker said the goal is to bring Saks luxury brand into Canada. The company plans to open seven Saks Fifth Avenue stores and 25 Off Fifth outlet stores in Canada, while creating a Saks website targeted to Canadians.
“With the addition of Saks, [Hudson’s Bay] will offer consumers an unprecedented range of retailing categories and shopping experiences,” Baker said.