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Hudson's Bay to acquire department store chain Saks

RBR Staff Writer Published 29 July 2013

Hudson's Bay, a North American corporation, is gearing up to acquire upscale department store chain owner Saks.

The company is said to be working on the deal proposal to purchase the business for $2.4bn, representing a price of $16 for a share for Saks.

An announcement regarding the agreement is expected by 29 July 2013, according to The Globe and Mail.

Following the acquisition, Hudson's Bay is likely to introduce Saks in its own stores, besides converting some of the existing stores to the Saks Off Fifth discount chain and run the Saks e-Commerce site in Canada.

The developments are reported to be in the wake of fashion retailer Nordstrom's arrival in the Canadian market in 2014.

Saks operated 42 Saks Fifth Avenue stores, at the end of last quarter.