The Hudson’s Bay Company has reportedly been formulating a bid to purchase upscale American department store chain Saks Fifth Avenue. According to WWD, sources confirm that HBC has been working on a deal for Saks which operates 41 Saks Fifth Avenue Locations as well as their Off 5th outlets.
Recently HBC was in failed talks with Bloomingdales to collaborate on boutiques in selected Hudson’s Bay stores in Canada. If HBC is successful in acquiring Saks, there is the possibility that Saks could open freestanding stores in Canada or operate boutiques in Hudson’s Bay stores.
Last week HBC re-organized their executive team, moving Bonnie Brooks to the position of vice-chairman which would give the veteran retailer a key hand in any deal.
HBC currently operates Hudson’s Bay and Home Outfitters stores across Canada and Lord & Taylor in the United States.