According to WWD, Hudson’s Bay Co., led by CEO Richard Baker  has emerged as the major contender to purchase Saks Inc, which has been on the market for about a month.

According to industry info, Baker and his team have been busy using HBC’s U.S. HQ to conduct due diligence and strike a deal with Saks.

Hudson’s Bay’s potential acquisition of Saks Fifth Avenue store and Saks off-5th outlets would see both stores opening up in Canada in the near future as was outline by Richard Baker

“Secondly, Hudson’s Bay could open Saks Fifth Avenue stores and Saks Off-5th outlets in Canada. Hudson’s Bay would consider converting some of its stores to Saks, or in the U.S., Lord & Taylor could take some Saks locations or vice versa. Saks owns some prime real estate, including the Fifth Avenue flagship, and in Canada, retailers, including Canadian Tire Corp. and Loblaw Companies Ltd. have been spinning off real estate into real estate investment trusts. Hudson’s Bay has not been shy about the possibility of a REIT, as well. Baker paid off the debt from the L&T and Hudson’s Bay acquisitions by selling the leases of 188 Zeller stores to Target Corp. 

Putting Saks and Hudson’s Bay together would create synergies and cost savings involving consolidating staff, back-office functions and Internet operations. The Toronto-based Hudson’s Bay Co. operates 90 Hudson’s Bay stores and 69 Home Outfitters stores across Canada, and 48 Lord & Taylor stores and three L&T outlets in the U.S.”

What do you think about the Canadian based HBC potentially buying Saks?

Source: WWD

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