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Hudson's Bay to go private

Hudson’s Bay Company, the Canadian department store firm that also owns Saks Fifth Avenue, has agreed to a buyout deal that will take the business private.

A consortium of investors led by executive chairman Richard Baker has offered to buy the 43% of the business it does not already own, the Financial Times reports. The deal values the retailer’s equity at C$1.9bn (£1.1bn).

Hudson’s Bay Company has been undertaking a major reorganisation to help it weather the difficult retail landscape, including laying off 2,000 jobs in 2017.

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