MIDTOWN — Saks Fifth Avenue will soon become part of a trio.
Hudson's Bay Company, a Canadian retail chain that owns Lord & Taylor, announced plans Monday to buy Saks Incorporated for about $2.9 billion.
The plan brings together three of the world's most well-known high-end clothing retailers, which together will operate 320 stores in the United States and Canada.
Saks, however, will operate independently and retain its name, merchandising and stores. Its headquarters will remain in New York City.
“We believe this transaction delivers compelling value to our shareholders and that Saks Fifth Avenue is an excellent fit within the HBC organization," Saks CEO Steve Sadove said in a statement.
Hudson's Bay purchases Saks Incorporated for $16 per share.
For financial details on the transaction, visit Business Wire.