Hudson’s Bay CFO Michael Culhane has resigned his spot following a leave of absence from the company. The news comes two weeks after the company brought in Douglas Scovanner as EVP of finance and accounting on an interim basis to support company president Donald Watros, who assumed the role of acting CFO.
Saks has announced that upon completion of its acquisition by Hudson’s Bay Company Stephen I. Sadove, chairman and CEO of Saks, and Ronald L. Frasch, president and chief merchant of Saks, will be leaving the company.
Hudson's Bay Company's second quarter was characterized by strong same store sales growth at Hudson’s Bay and rising e-commerce sales, which were partially offset by a decline in same store sales at Lord & Taylor.
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.