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Saks Fifth Avenue’s struggling parent company is going private

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  • Hudson’s Bay, which owns Saks Fifth Avenue, is being taken private by a group of its shareholders. 
  • The shareholder group, which includes Hudson’s Bay Executive Chairman Richard Baker, owns 57% of the Canadian company. 
  • Hudson’s Bay has struggled to adapt to a dramatic shift to online shopping. 

The owner of Saks Fifth Avenue is being taken private by a group of its shareholders.

Hudson’s Bay said Monday that its common shares will be purchased for 10.30 Canadian dollars ($7.86) per share in cash. The shareholder group, which includes Hudson’s Bay Executive Chairman Richard Baker, initially proposed in June a buyout offer of 9.45 Canadian dollars ($7.21) per share.

The shareholder group together own 57% of the Canadian company.

In August Hudson’s Bay Co. agreed to sell Lord & Taylor to rental clothing company Le Tote Inc. for $100 million. Earlier this month it completed the sale of its European real estate and joint ventures.

Like many department stores, Hudson’s Bay has struggled to adapt to a dramatic shift to online shopping.

Read the original article on Associated Press. Copyright 2019.

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