Saks (SKS), the 94-year-old department store, may have a new owner soon.
Saks hired Goldman Sachs (GS) last month to look into a possible sale of the company. Now, Lord & Taylor owner Richard A. Baker is looking to place a bid on Saks, which is one of his main competitors, according to The New York Times.
The purchase of Saks would go along with Baker’s previous purchases of Lord & Taylor and Hudson’s Bay. Saks could be expanded into Canada, where Hudson’s Bay already has a strong foothold, and Hudson’s Bay could expand to the United States.
The NYT points out that Baker could also be looking at Saks from a real estate point of view. After his purchase of Hudson’s Bay, Baker then sold some of the rights to leases to Target (TGT) in a $1.8 billion deal.
Baker already has a few Saks executives in his ranks, including Hudson’s Bay’s Chief Operating Officer Donald Watros.