Saks Inc. has confirmed that Stephen Sadove, chairman and chief executive officer, and Ronald Frasch, president and chief merchant, will both leave the company when the merger of Saks into the Hudson’s Bay Co. is completed.
The announcement today confirmed a WWD exclusive report Saturday on their departures.
The transaction between Saks and HBC has been approved by each company’s board of directors and is expected to close before the end of the calendar year, possibly as soon as early November. The deal is subject to a vote by Saks shareholders and other closing conditions.
Saks Inc. operates 41 Saks Fifth Avenue stores, 69 Saks Fifth Avenue OFF 5TH stores, and saks.com.