The department store operator has announced the postponement of a special meeting of shareholders involving a vote on the proposal to take the company private, raising questions about whether the deal will go ahead.
The Canadian owner of Saks Fifth Avenue announced on Monday that, following an extensive review process, it has entered into a definitive agreement with a group of shareholders to take the company private.
The retail chain announced on Tuesday that it has completed the sale of its remaining European real estate and joint ventures to Signa Retail, as the company seeks to focus its attention on its North American operations.
Signa is to become the sole owner of the Germany retail group after acquiring Hudson’s Bay Company’s 49.99% stake. Hudson’s Bay Company will continue to control its Dutch business through a wholly owned subsidiary.