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Hudson’s Bay Company acquires Gilt Groupe
Leading department store operator Hudson’s Bay Company confirmed months of speculation and agreed to pay what appears to be a modest sum to acquire online luxury retailer Gilt Groupe.
Hudson’s Bay, which operates 470 department stores including Saks Fifth Avenue and the Off 5th discount format, said it agreed to pay $250 million for Gilt in a deal that will add $500 million to 2016, $40 million in adjusted operating profit by 2017 and countless synergies to leverage the combined companies’ infrastructure and customer databases.
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The Finish Line stumbles in Q3, names new CEO
The Finish Line has promoted its president to CEO and plans to close a quarter of its stores as the retailer said supply chain problems hurt its third quarter performance.
The retailer announced that Sam Sato will succeed Glenn Lyon as CEO of The Finish Line, Inc., effective Feb. 28. Lyon will transition to the role of non-executive chairman of the board.
