Hudson’s Bay Co., a middle-market Canadian department store chain with a similar assortment to Macy’s, has agreed to pay $2.4 billion to acquire Saks Inc., one of America’s most prestigious luxury retailers.
Hudson’s Bay Co., Canada’s oldest company, is poised to challenge retailers Nordstrom Inc. and Holt Renfrew & Co. Ltd. with a $2.4 billion purchase of Saks Inc. that takes the battle for consumers upscale.
Hudson’s Bay Co., Canada’s oldest company, said it’s still committed to creating a real estate investment trust after agreeing to sell its main store and adjoining office tower in downtown Toronto for C$650 million ($585 million).
Hudson’s Bay Co., the Canadian department store chain that’s acquiring Saks Inc. for $2.4 billion, hired Marigay McKee, Harrods’ chief merchant, to be president of the U.S. luxury retailer once the deal is complete.
The push to change U.S. Senate rules to curb extended debate came as the chamber has undergone its biggest turnover in more than 30 years, potentially skewing the perspective of Democrats supporting the revision that, if adopted, could have handicapped them in the future.