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.
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. Chief Executive Officer Richard Baker says rising interest rates pose no hurdle to a potential spinoff of the retailer’s real estate, including its future Saks Inc. stores, because they hold so much value.
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.