Saks Fifth Avenue could open up to seven full line stores and 25Off-5th outlets in Canada, according to Richard Baker, chief executiveofficer of Hudson’s Bay Company, which today revealed a definitiveagreement to buy Saks for $16 a share, or $2.9 billion, including debt.
Share of Saks jumped 3.7 percent to $15.87 by 11:00 a.m. on Wall Street. Almost 40 million shares traded hands in about an hour and a half, well ahead of the 2.7 million daily average for the last three months. On the Toronto Stock Exchange, shares of Hudson's Bay increased 7.4 percent to $17.71 Canadian, or $17.22.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"