The end of an era for American NYC prestigious luxury retailer Saks Inc. The New York-based luxury retailer has big changes. Canadian department store chain Hudson’s Bay Co has agreed to pay $2.4 billion to acquire Saks Inc. The company will pay $16 a share in cash which is a 30 percent premium to acquire Saks’s closing price on May 20, the day before media reports emerged that Saks was exploring alternatives.
Hudson’s Bay Co was founded in the 17th century as a fur trading company. Known as a middle-market Canadian department store and a similar assortment to Macy’s. A transaction bringing together the Hudson’s Bay Co, Lord & Taylor and Saks Fifth Avenue brands, creates a company that will operate 320 stores.
Photo credit Saks Inc
This new assignment will unite Lord & Taylor and Saks Fifth Avenue brands. Now they must educate luxury consumers on what to expect from the Lord & Taylor and Saks Fifth Avenue brands. All eyes are watching.