Hudson's Bay Co. is a Canadian department store chain that is still on the process of acquiring Saks Inc. in a transaction valued USD2.4 billion. Hudson's had named Marigay McKee to be the president of the US luxury retailer once the transaction have been completed.
Sak's current chief executive officer Stephen Sadove and the retailer's president Ron Frasch would leave the company after the transaction is completed. This was according to a statement released by the Toronto based company yesterday. The acquisition transaction was expected to close by the end of this year. McKee was a former executive of London based Harrods, Europe's largest department stores.
Hudson's Bay CEO Richard Baker said after the acquisition was announced last July that he had intended to run Saks in a separate operation, still based in New York. Baker also added that he would retain existing company management.
Saks was a little changed at the close of trading in New York yesterday to USD15.87. The stock advanced 51% this year while Hudson's Bay gained 1.7% to CAD17.44 in Toronto.
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