NEW YORK (AP) -- Luxury retailer Saks is being purchased by the parent of Lord & Taylor for approximately $2.4 billion.
The news comes a little over a month after reports surfaced that Hudson's Bay Co. was interested in buying Saks Inc.
Hudson's Bay, which also runs some Canadian department stores, will pay $16 per share for Saks.
The companies put the deal's total value at about $2.9 billion including debt.
The buyout is targeted to close before year's end. It still needs approval from Saks' shareholders.
Saks Fifth Avenue has a store in Tulsa at the Utica Square Shopping Complex.
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