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Saks' owner nears deal for one-time darling Gilt Groupe: DJ, citing sources

Saks Fifth Avenue in New York.
Adam Jeffery | CNBC
Saks Fifth Avenue in New York.

The owner of Saks Fifth Avenue, Hudson's Bay, could be nearing a deal to acquire luxury retailer Gilt Groupe for about $250 million, The Wall Street Journal reported Monday.

Canada-based Hudson's Bay owns several department stores including Lord & Taylor, Saks and Saks Off 5th, among others.

According to the article, no deal has been reached yet. The Journal reported that Hudson's Bay could pair Gilt with its off-price Saks Off 5th brand, according to sources.

Gilt, which sells certain luxury items online, has never held an IPO, despite expectations it would. It has raised money from Goldman Sachs, Matrix Partners and SoftBank Group, per the report.

Hudson's Bay and Gilt declined to comment for this story.

Read the full coverage at The Wall Street Journal.