Hold onto your Louboutins. In a $2.4 billion cash deal, luxury retailer Saks Inc. agreed on Monday to sell to the Hudson’s Bay Co.—owner of Lord & Taylor and Canada’s Hudson’s Bay. While the 1 percent has been thriving, Saks has been struggling to gain traction in the highly competitive landscape. The deal creates a retail juggernaut with 320 locations and $7 billion in sales around the world. Hudson’s Bay, run by American executive Richard Baker, plans to open new stores in Canada—integrating Saks Fifth Avenue, Off Fifth outlets, and the Saks website into its retail ventures.
SAKS SELLS Justin Sullivan/Getty