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A deal for the sale of Saks Fifth Avenue is expected to come Monday morning, with Hudson’s Bay Co. emerging as the winner, according to sources.
This story first appeared in the July 29, 2013 issue of WWD. Subscribe Today.
Richard Baker, chairman of Hudson’s Bay, has reportedly informed close associates that he is confident he’s got the winning bid. Baker has long been interested in buying Saks to beef up his retail portfolio, which includes Lord & Taylor and Hudson’s Bay, and because Saks has valuable real estate and a luxury image.
There was some earlier competition for Saks from a sovereign wealth fund from Qatar, which owns Harrods and Printemps, and Starwood Capital, but sources say Hudson’s Bay has it locked in. The New York Post reported Saturday that Starwood dropped out of the bidding.