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Hudson’s Bay Could Buy Gilt for $250M

Oh, how the mighty have fallen.

Luxury flash-sale e-tailer Gilt Groupe, which sells designer goods at deep discounts for a limited time and was valued at $1.1 billion in May 2011, is reportedly close to selling itself to Hudson’s Bay Company for about $250 million.

People familiar with the matter told The Wall Street Journal that a deal could be announced early next year, but that Gilt is also in talks with other potential suitors.

Read more at Sourcing Journal.