Saks Fifth Avenue Parent Company Hudson’s Bay Agrees to Take-Private Offer

A group of shareholders led by chairman Richard Baker will acquire the department store operator

Saks fifth avenue, and Hudson's Bay storefront
Hudson's Bay agreed to be taken private for 11 Canadian dollars ($8.48) per share in cash. Getty Images

Richard Baker, the chairman of Hudson’s Bay Company, hopes to succeed where others have largely failed in recent years by taking a retailer private—in this case a department store operator—even as the broader category continues to struggle.

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@RichCollings Richard Collings is a retail reporter at Adweek.