Hudson’s Bay Company announced the completion of its acquisition of Saks Inc. Hudson’s Bay Company acquired Saks Inc. at a value of $2.9 billion. Saks now joins a combined company of Lord & Taylor and Home Outfitters, according to a press release.
The combined company will operate 320 stores, including 179 full-time specialty department stores, 72 outlet stores and 69 home stores in locations throughout the U.S. and Canada along with ecommerce sites. Saks currently operates 41 stores in 22 states throughout the U.S.
The acquisition was first announced on July 29 and promises to build upon Canada’s position as Saks.com largest international ship-to-market, according to a previous press release. The combined company will maximize the existing ecommerce platforms across all three banners to enhance customers’ shopping experience. Hudson’s Bay will continue Off 5th expansion throughout the U.S.