Tag Archives: Hudson’s Bay Co.

Saks Purchase Boosts Hudson’s Bay Q1

Hudson’s Bay

TORONTO-Fueled by its acquisition of Saks, Hudson’s Bay Co. posted net income of C$176 million (about $160.2 million) in its fiscal first quarter, compared to a net loss of C$82 million (about $80.4 million) in last year’s first quarter. The Saks acquisition, which closed last November, also drove Hudson’s Bay’s top line in the quarter,More »

Sadove Chosen to Chair Borderfree Advisory Board

Stephen Sadove

NEW YORK-Borderfree, a global e-commerce company, has named Stephen Sadove, former chairman and CEO of Saks Inc., as chairman of its newly created advisory board. Borderfree provides management for all aspects of international online retailing, including localized pricing and payment processing, landed cost calculation, customs clearance and brokerage, fraud management, logistics orchestration and customer-experience parity.More »

Hudson’s Bay Launches Digital Group

Michael Burgess

TORONTO-Hudson’s Bay Co. has created HBC Digital, a group responsible for digital commerce and marketing across the entire company. The retailer has named Michael Burgess, president of Saks Direct, as president of the new group. Burgess reports to the Hudson’s Bay Office of the Chairman. HBC Digital is responsible for the digital commerce and marketingMore »

Hudson’s Bay Names Former Target CFO Scovanner to Head Finance

Hudson’s Bay

TORONTO-Doug Scovanner, a former executive with Target, has been named interim executive vice president of finance and accounting for Hudson’s Bay Co. Scovanner has assumed responsibility for the retail company’s financial planning, asset protection and accounting functions. Richard Baker, Hudson’s Bay governor and CEO, cited Scovanner’s “broad background” in finance, and added that Scovanner hasMore »

Acquisition Costs Boost Hudson’s Bay Q3 Loss

Hudson's Bay

TORONTO-The costs related to the company’s acquisition of Saks Inc., which closed in November, flooded additional red ink onto Hudson’s Bay Co. bottom line in its fiscal third quarter ending on Nov. 2. The retailer’s net loss in the quarter totaled C$124.2 million (U.S.$ $119.2 million), compared to C$14.4 million (about the same in U.S.More »

Sadove Named to J.C. Penney Board

Stephen Sadove

PLANO, Texas-Stephen Sadove, current chairman and CEO of Saks Inc., has been elected to the J.C. Penney board of directors. Sadove will be leaving his post with Saks when the retailer’s merger with Hudson’s Bay Co. is finalized, at which time he will begin his role on the J.C. Penney board. He joined Saks asMore »

Harrods’ McKee to Become Saks President

Marigay McKee

TORONTO-Hudson’s Bay Co. has named Marigay McKee, chief merchant of U.K. department store Harrods, president of Saks Fifth Avenue, which Hudson’s Bay is in the process of acquiring. The appointment will take effect when Hudson’s Bay closes on its Saks acquisition, which is expected to take place at the end of the calendar year. TheMore »

Sadove, Frasch to Exit Saks After Hudson’s Bay Merger

Stephen Sadove

NEW YORK-When Saks’ merger with Hudson’s Bay Co. is finalized, the retailer’s chairman and CEO, Stephen Sadove, and president and chief merchant, Ronald Frasch, will leave the company, according to a Saks statement. The planned merger, which was announced in July, is expected to be completed by the end of the calendar year. The statementMore »