Hudson’s Bay buying Saks for $2.9 billion

Saks Fifth Avenue

Hudson’s Bay Company, the owner of Lord & Taylor and Canada’s Hudson’s Bay department store, will buy Saks Inc. for $2.9 billion ($16 per share).

Hudsons’s Bay filing an IPO

Hudson's Bay Company

Hudson’s Bay Company, owner of The Bay in Canada and Lord & Taylor in the US, has filed an initial public offering with securities regulators in Canada.

Hoffman leaves Lord & Taylor

Brendan Hoffman

Lord & Taylor CEO Brendan Hoffman is leaving the company, to be replaced by Bonnie Brooks, chief executive at Lord & Taylor’s Canadian counterpart, The Bay.