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.
