Headlines

Hudson’s Bay Deal for Saks is Completed

New North American retail organization is in place

Published

11 years ago

November 6, 2013

steve kaufman

The $3 billion Hudson’s Bay Co. takeover of Saks Inc. has been completed.

Much of the money from the sale will go to large Saks shareholders Carlos Slim Helú, the Mexican telecom billionaire whose shares are valued at $370 million, and Diego Della Valle, chairman and ceo of Tod’s SpA, the Italian leather goods company, whose shares are worth about $362.4 million.

The new combined chain of department stores, luxury specialty apparel and home stores and outlet stores now includes 320 doors throughout North America under the Hudson’s Bay, Saks Fifth Avenue, Saks Off Fifth, Lord & Taylor, Zellers and Home Outfitters banners.

Saks will remain headquartered in New York.

As earlier reported, Robert Wallstrom, president of Saks’ Off Fifth division, has been named president and ceo of Vera Bradley Designs Inc. (Fort Wayne, Ind.), effective November 11. He succeeds Michael Ray, who will retire. Wallstrom is only one of several Saks executives – including ceo Stephen Sadove and president Ron Frasch – who will be leaving, now that the deal has been completed.

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