The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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.
The company said that about 99.4 percent of the total votes cast at a special meeting on Wednesday were in favor of the transaction.
Saks shareholders will receive $16 for each share they own once the deal closes. It is expected to be completed on Monday.
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Last month Saks announced that Chairman and CEO Stephen Sadove and President and Chief Merchant Ronald Frasch will leave the company once the transaction closes. Hudson's Bay said that Marigay McKee will take over as president.
Saks currently has 41 Saks Fifth Avenue stores and 72 Saks Fifth Avenue Off 5th stores.
The New York company's stock shed 3 cents to $15.99 in afternoon trading. Saks' stock will be delisted from the New York Stock Exchange when the deal is complete.
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From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.