Hudson’s Bay to Sell Toronto Complex for C$650 Million, Add Saks

Hudson's Bay | Source: Flickr

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.

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Manolo Blahnik Women’s Wingtips Seen Curbing Shoe Slump

Saks Fifth Avenue shoe department | Source: Saks Fifth Avenue

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.

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Saks Shareholders Approve Sale to Hudson’s Bay

Saks Fifth Avenue New York | Source: Associated Press

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.

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JC Penney Names Saks CEO Sadove as a Director

JCPenney store in New York | Source: Shutterstock

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.

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Neiman Seeking $3.75 Billion of Loans; Hudson’s Bay Boosts Debt

Neiman Marcus Headquarters Dallas | Source: Neiman Marcus

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.

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Hudson’s Bay Hires Harrods Chief Merchant McKee to Run Saks

Marigay McKee | Source: La Petite Anglaise

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.

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Saks Says 2 Top Executives to Depart After Buyout

Saks Fifth Avenue | Source: Saks Fifth Avenue

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.

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T.J. Maxx, Others Look Past Chaos to E-commerce Bonanza

T.J. Maxx store, Ypsilanti, Michigan | Source: Wikimedia

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.

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