Hudson’s Bay Grabs Saks

    SAN FRANCISCO, CA - JULY 29:  Pedestrians walk by a Saks Fifth Avenue store on July 29, 2013 in San Francisco, California.  Hudson's Bay Co., the parent company of Lord and Taylor, announced that it will purchase luxury retailer Saks for approximately $2.4 billion.  (Photo by Justin Sullivan/Getty Images)

    Justin Sullivan/Getty

    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.

    Read it at The New York Times