Canada: Where Hockey Meets High Fashion. Non-TV Story - Saks Fifth Avenue Bought by Canadian Retailer for $2.4 Billion in Cash NY Times
"On Monday, July 29 , 2013, Rick Baker’s Hudson’s Bay Company announced that it had agreed to buy [Saks Fifth Aveune parent] Saks Inc., one of the oldest and most revered names in luxury retailing, for $2.4 billion in cash, uniting it with Lord & Taylor and the Canadian chain Hudson’s Bay," reports The New York Times.
The story continues, "The acquisition would create a behemoth in the retail world and cap an extraordinary run of deal making by Mr. Baker. The combined company would own 320 locations, 179 of which are full department stores. It had combined revenues of about $7 billion in the 2012 fiscal year."
The story adds, "With the acquisition, Mr. Baker says he plans to push the Saks brand into Canada, where there is only one luxury department store chain, Holt Renfrew. 'There’s certainly room for a little competition up there,”' Mr. Baker said. Canadian Saks stores will be 'on the luxurious side of the U.S. Saks stores,' he said."
"As in his previous deals for Lord & Taylor and Hudson’s, real estate is an important component of the Saks acquisition." the story says.