HBC buys Saks Fifth Avenue with plans to bring the upscale chain to Canada
HBC buys Saks Fifth Avenue with plans to bring the upscale chain to Canada
After weeks of negotiations and rumours of competing bids, Hudson’s Bay Company has finalized a $2.9-billion deal to buy Saks Fifth Avenue and its discount offshoot Saks Off Fifth. HBC CEO Richard Baker is reportedly itching to bring the the two stores to Canada: either by incorporating the Saks banner into select Hudson’s Bay locations or by converting entire Hudson’s Bay stores into Saks stores. Either way, HBC better move quickly if it wants to strike ahead of Nordstrom’s arrival next year. [Globe and Mail]
Oh goodie – the oldest company in Canada at 343 years of age, that fundamentally built the foundations of our country – is now helping to eradicate Canada and all things Canadian. Thank ya HBC ! Now I know how the 1st nations felt in the past, and why they still hate you to this very day.