Redhuck Technology News: Saks Fifth Avenue Bought by Hudsons Bay Company

Saks Fifth Avenue has been bought by Hudsons Bay Company, the parent company of luxury Canadian store chain Lord & Taylor. The deal has been valued at $2.9 billion. HBC has big plans for Saks, including open the chain in Canada as well as their discount store, Off 5th. WWD reports that the company could open up to seven new stores, as well as twenty five of the discount shops.

?We are excited about what this opportunity and being part of a much larger enterprise can mean for the future of the Saks Fifth Avenue brand,? Saks Chairman and CEO Steve Sadove said in a statement to the Vancouver Sun.�

I love perusing the Saks website and when I went to New York City last May, I didn’t step into the store as I didn’t think I could handle the heartbreak of wanting to buy everything. Yet the arrival of Saks does pose a big question: how will it compete alongside Holt Renfrew? Holt’s currently stands as the only major Canadian department store that sells the same brands as Barney’s, Bergdorf Goodman’s, and Bloomingdales. No dates have been released as to when the stores will open on Canadian soil, but I look forward to shopping at the luxury store in my own country.

Get From: Ohwowyouworethat.com/