Hudson's Bay Closes Saks Acquisition
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.
As announced in October, Sadove is now set to join the J.C. Penney board of directors.