Richard Baker has finally roped in his prized retail horse — Saks Fifth Avenue.
On Monday morning, Baker, the chairman and chief executive officer of the Toronto-based Hudson’s Bay Co., disclosed a definitive deal for HBC to buy Saks for $2.9 billion, including debt. If the deal goes through, it would create a $7.3 billion North American, coast-to-coast department store operation linking three of the continent’s oldest, most venerable retail nameplates: Saks, Lord & Taylor and Hudson’s Bay.
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