Hudson's Bay Co. (HBC)

NEW YORK — Hudson’s Bay Company has reached a deal to buy Saks Inc. in a deal that is expected to bring the luxury department store company to Canada. The Canadian retail conglomerate, which which operates Lord & Taylor in the United States and Hudson Bay in Canada, will purchase Saks for a total of about $2.9 billion. Purchase price includes $16 per share of Saks as well as the assumption of Saks’ debt.

NEW YORK — Hudson’s Bay Company has reached a deal to buy Saks Inc. The Canadian retail conglomerate, which operates Lord & Taylor in the United States and Hudson Bay in Canada, will purchase Saks and its 41 stores for a total of about $2.9 billion. Purchase price includes $16 per share of Saks as well as the assumption of Saks’ debt.

An epic journey and exercise in social media brand building is now underway in Canada where four intrepid young men are crossing the country in a custom RV to promote awareness of Hudson’s Bay and have a good time in the process.

TORONTO — Hudson's Bay Company, owner of retailers Hudson's Bay, Home Outfitters and Lord & Taylor, has made changes to the company's executive structure. 

Bonnie Brooks, president of Hudson's Bay Company, has been appointed the company’s vice chair. Liz Rodbell, EVP and chief merchant for Hudson's Bay Company, will become its president. Brooks and Rodbell will report to chairman and CEO Richard Baker. 

Toronto -- Hudson's Bay Co. said Tuesday it has changed the structure of its senior management, giving two highly regarded veteran retailers greater responsibilities. The company is moving current president Bonnie Brooks to the vice chairman seat and putting in Liz Rodbell – recently minted executive VP and chief merchant – as president.  Both Brooks and Rodbell are highly regarded retail

Toronto -- Hudson’s Bay Company (HBC) had an overall successful first quarter of fiscal 2013 despite some sluggish performance at its Lord & Taylor banner.

The company reported gross profit of $356 million for the quarter ended May 4, up 4% from $341 million a year earlier. Retail sales also grew 4%, from $848 million to $884 million. Consolidated same-store sales increased 4% as well.

TORONTO — A same-store sales decline at Lord & Taylor was not enough to keep Hudson's Bay Company's first quarter results for the period ended May 4 in the cold, thanks to strong same-store sales growth at Hudson's Bay.

The company's retail sales were $884 million for quarter, a 4% increase from $848 million for the first quarter a year ago. Consolidated same-store sales grew 4% in the first quarter. Hudson's Bay same-store sales grew nearly 8%, and were partially offset by a same-store sales decline of 1.4% at Lord & Taylor.

Norwalk, Conn. -- GE Capital announced it is administrative agent on a $550 million senior secured credit facility for Lord & Taylor, a leading North American retailer. The proceeds will be used to refinance debt, support ongoing working capital needs and for other corporate purposes.  

GE Capital also provided the company with interest rate risk management products and services.  GE Capital Markets served as joint lead arranger and book runner.