Hudson’s Bay, the owner of Saks Fifth Avenue, is being taken private by a group of its shareholders. (Photo by THE ASSOCIATED PRESS)

Hudson’s Bay being taken private by shareholder group

NEW YORK — 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.

By The Associated Press

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Westerner Park audit finds ‘gross operational mismanagement, gaping holes and lack of controls,’ says councillor

Two councillors question audit’s conclusion no inaccuracies were presented to the governance board

160 new COVID-19 cases reported in Alberta on Tuesday

Province now has 1,571 active cases

Lack of nurses stressing Red Deer hospital staff, says union

‘We don’t have enough nurses to do the work that’s required’

Reports of horse fever confirmed in central Alberta

Alberta horse owners are on the alert for the spread of a… Continue reading

QUIZ: Do you know what’s on TV?

Fall is normally the time when new television shows are released

Titans have NFL’s 1st COVID-19 outbreak; next game still on

Titans have NFL’s 1st COVID-19 outbreak; next game still on

“It’s a marvel” – Canada’s Levins to race in London marathon bubble Sunday

“It’s a marvel” - Canada’s Levins to race in London marathon bubble Sunday

‘You have to be ready’: Oilers’ Draisaitl prepares for uncertain season

‘You have to be ready’: Oilers’ Draisaitl prepares for uncertain season

Stars’ Bowness still has ‘passion’ to coach run to Cup Final

Stars’ Bowness still has ‘passion’ to coach run to Cup Final

Rays strike first with 3-1 win in opener of wild-card series against Blue Jays

Rays strike first with 3-1 win in opener of wild-card series against Blue Jays

Face-to-face anger: Trump, Biden lash, interrupt each other

Face-to-face anger: Trump, Biden lash, interrupt each other

Saskatchewan premier sets campaign in motion for Oct. 26 election

Saskatchewan premier sets campaign in motion for Oct. 26 election

Deficit on track to hit $330 billion with COVID effects lasting years, says PBO

Deficit on track to hit $330 billion with COVID effects lasting years, says PBO

Most Read