July 28 Canadian retailer Hudson's Bay Co (HBC)
is close to buying U.S. luxury department store Saks
Inc, according to a media report.
The New York Post reported on Sunday that the deal could be
announced as early as Monday, citing a source briefed on the
A Saks spokeswoman said the company did not comment on
market speculation. HBC was not immediately available for
HBC, which owns Canada's The Bay chain, also owns Lord &
Taylor, a higher end chain concentrated in the U.S. Northeast
and Midwest whose sales have been uneven since it went public.
Buying Saks would give HBC a luxury chain, but one which has
struggled to keep pace with rivals Nordstrom Inc and
Neiman Marcus Group Inc, which each get a much
bigger proportion of sales online than Saks.
Saks' sales are only now returning to pre-recession levels.
The company's flagship store on Manhattan's Fifth Avenue
generates about $700 million a year and is worth about $1
billion by some estimates.
According to the newspaper, Saks has appointed Goldman Sachs
& Co to advise on the sale. The investment bank was
not immediately available for comment.