Saks bought by Hudson's Bay Company, Canada
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Department store retail is a very difficult business (I would never buy a dept store stock as part of retirement planning) . All the big department store names have changed hands one time or another merely within the past decade (Barneys, Harrods, regionals such as Robinson, Hudson's) this purchase is no prize. From a business perspective, it's a complimentary purchase giving Hudson's Bay Co a luxury line and discount line Off Saks. Hudson's Bay and Lord & Taylor are mid-price whilst Home Outfitters is the home products.
Saks recognises its mission a a luxury retailer and will likely remain so. I don't envision any overlap or synergy savings for the company.
A New Yorker article on the sale of Saks: http://www.newyorker.com/online/blogs/newsdesk/2013/07/the-end-of-saks-fifth-avenue-as-we-knew-it.html