Fashion media was a buzz yesterday with news that the Hudson’s Bay Company is planning on purchasing Saks Inc. in a deal, which would pay Saks $16 US per company share and also relieve the American department store of its prior debt, that is estimated to be worth $2.9 billion US.
There is still a chance that the deal could fold, as Saks has 40 days to accept offers from other interested buyers. But should it be finalized, Canadian consumers who previously would have had to cross the border or shop online to enjoy the Saks brand will be able to make their way to one of seven Saks Fifth Avenue locations or as many as 25 Saks Fifth Avenue OFF 5TH outlet stores within Canada.
Authored by John Ibbitson
Image from The Toronto Sun