Toronto -- Canada’s Hudson's Bay Co. said Monday that it has completed its $2.4 billion acquisition of Saks Inc. Saks shareholders overwhelmingly approved the sale of the New York company during a special meeting on Wednesday. The combined company will operate a total of 320 stores, including 179 full-line specialty department stores, 72 outlet stores and 69 home stores in prime locations throughout the U.S., and Canada, along with three e-commerce sites.
In related news, Hudson's Bay CEO Richard Baker told CNBC on Monday that Saks’ flagship in Manhattan will be getting a major makeover, as part of the acquisition.
"We will be able to spend $200 million to $250 million to renovate this store to really make it the most exciting and spectacular department store in the world," Baker said.
Saks previously said that chairman and CEO Stephen Sadove and president and chief merchant Ronald Frasch would leave the company once the transaction closed. Hudson's Bay said that Marigay McKee would take over as president.