Dive Summary:
- Canada-based Hudson’s Bay announced it has completed the $2.4 billion acquisition of Saks Inc.
- The newly merged company will now control 320 brick-and-mortar locations throughout the U.S. and Canada, including three online retail websites.
- Additionally, the Saks flagship store location in Manhattan will soon receive major new upgrades and renovations.
Dive Insight:
As part of the transaction, the Saks flagship location stands to see an immediate impact in the form of a fully redesigned store location. "We will be able to spend $200 million to $250 million to renovate this store to really make it the most exciting and spectacular department store in the world,” Hudson's Bay CEO Richard Baker said.
