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Hudson’s Bay Buys Gilt for $250M

Hudson’s Bay Company (HBC) has bought Gilt Groupe for a fraction of what the luxury flash-sale site was valued by investors four years ago.

News of a potential sale was reported by The Wall Street Journal last month and the department store operator confirmed Thursday that it had agreed to acquire the company for $250 million in cash and plans to integrate it into Saks Off 5th, the off-price arm of Saks Fifth Avenue.

Read more at Sourcing Journal.

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