Saks Fifth Avenue is poised to open in Toronto as the company takes over the former Hudson Bay Company flagship store at Queen Street and Yonge Street in downtown Toronto.
Rick Madonik | Toronto Star | Getty Images
The owner of Saks Fifth Avenue is being taken private by a group of its shareholders.
Hudson's Bay said Monday that its common shares will be purchased for 10.30 Canadian dollars ($7.86) per share in cash. The shareholder group, which includes Hudson's Bay Executive Chairman Richard Baker, initially proposed in June a buyout offer of 9.45 Canadian dollars ($7.21) per share.
The shareholder group together own 57% of the Canadian company.
In August Hudson's Bay Co. agreed to sell Lord & Taylor to rental clothing company Le Tote Inc. for $100 million. Earlier this month it completed the sale of its European real estate and joint ventures.
Like many department stores, Hudson's Bay has struggled to adapt to a dramatic shift to online shopping.