In the fight for consumer dollars, department stores have lost significant ground to monobrand stores, specialty retailers and e-commerce players. Can they regain their relevance?
TORONTO, Canada — Hudson’s Bay Co., the Canadian company that owns Saks Fifth Avenue and Lord & Taylor, plunged as much as 8.9 percent in Toronto trading after forecasting lower earnings than analyst had predicted.
NEW YORK, United States — First the good news for J.C. Penney Co Inc online sales rose 26.3 percent during the holiday quarter. Now the bad: the surge mostly reflects how far the one-time e-commerce pioneer has fallen.
TORONTO, Canada — Hudson’s Bay Company, Canada’s oldest company, said it will sell its main store and adjoining office tower in downtown Toronto for C$650 million ($587.9 million) and turn part of it into a Saks Fifth Avenue luxury retail store.
NEW YORK, United States — Saks Fifth Avenue President Marigay McKee plans to spend $1.25 billion refurbishing the luxury chain over the next two years as she tries to broaden its audience and price ranges.
NEW YORK, United States — Wingtips aren’t just for men anymore. Retailers such as Saks Inc. and Barneys New York Inc. are selling women scores of men’s dress shoe styles redesigned with different proportions or new materials.
NEW YORK, United States — The shareholders of Saks have overwhelmingly approved the luxury retailer's sale to Hudson's Bay Co. Saks Inc. said in July that it would be acquired by Hudson's, the Canadian parent of retailer Lord & Taylor, for about $2.24 billion.
PLANO, United States — J.C. Penney said Wednesday that Saks Chairman and CEO Stephen Sadove is joining its board of directors. The department store operator also said that board member Geraldine B. Laybourne is leaving her post so that she can focus more on her role as chairman of technology company Kandu.
NEW YORK, United States — Neiman Marcus Group Inc. is seeking $3.75 billion in loans to back its buyout by Ares Management LLC and the Canada Pension Plan Investment Board, while Hudson’s Bay Co. increased the size of the bank debt it’s seeking to purchase Saks Inc.
NEW YORK, United States — Hudson’s Bay Co., the Canadian department store chain that’s acquiring Saks Inc. for $2.4 billion, hired Marigay McKee, Harrods’ chief merchant, to be president of the U.S. luxury retailer once the deal is complete.
NEW YORK, United States — Saks Inc. says two of its top executives will leave the company once its sale to Hudson's Bay Co. is complete. The luxury retailer said in July that it would be acquired by Hudson's, the Canadian parent of retailer Lord & Taylor, for about $2.24 billion.
NEW YORK, United States — Saks Inc. on Monday reported a deeper than expected second-quarter loss after disappointing sales of shoes and handbags forced the luxury retailer to mark down prices.
NEW YORK, United States — U.S. low-price retailer T.J. Maxx plans to open an online store this year, as does rival Saks Inc's Off Fifth outlets, making 2013 the year technology may have caught up with the speed of fashion.