• Home
  • News
  • Retail
  • HBC chairman increases ownership of Saks Fifth Avenue to 70 percent

HBC chairman increases ownership of Saks Fifth Avenue to 70 percent

By Don-Alvin Adegeest

loading...

Scroll down to read more

Retail

Saks Fifth Avenue's parent operator Hudson’s Bay Company (HBC) has acquired a further 10 percent of shares, taking the total ownership of HBC executive chairman Richard Baker to 70 percent.

The shares were acquired by Baker's company Rupert of the Rhine LLC and were purchased for 9.45 Canadian dollars per share, for a total of 18 million shares. The company is a subsidiary of the Ontario Teacher's Pension Plan Board.

“I am very pleased to increase my significant ownership in HBC and further demonstrate my commitment to the company,” said Richard Baker, governor and executive chairman of HBC, in a statement. “Ontario Teachers’ Pension Plan has been a valued partner since 2013, and I thank them for their support through their investment period.”

Last week Saks Fifth Avenue closed its Brookfield Place women's store in Manhattan. The store failed to resonate with consumers, with many shoppers preferring to visit its Fifth Avenue flagship instead. The Brookfield Place men's store is expected to stay open.

Photo credit: Saks 5th Ave flagship, source Saks website

HBC
Saks