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.
The parent of luxury retailer Saks Fifth Avenue agreed to be taken private for 11 Canadian dollars ($8.48) per share in cash by a group of existing shareholders led by Baker, the company announced. Buyers include Rhône Capital, Hanover Investments and Abrams Capital Management.
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