Hudson’s Bay buying Saks for about $2.4 billion

NEW YORK • Don’t let the global economy fool you: Luxury is hardly dead. Saks Inc. agreed to sell itself to Hudson’s Bay Co., the Canadian parent of upscale retailer Lord & Taylor, for about $2.4 billion in a deal that will bring luxury to more North American locales. The acquisition combines three department-store brands — Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue— and creates a North American upscale retailing behemoth with 320 stores in some of the biggest and most populous cities in ...

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