Hudson's Bay Chief Executive Officer Richard Baker said that he is doubling his efforts to revitalize big name department stores with his US$2.4 billion bid to acquire Saks Inc. With the planned acquisition, Baker is set to launch the New York retailer into the Canadian market alongside Canada's Hudson's Bay and Lord & Taylor.

Hudson's Bay Co said that they are offering US$16 per share to Saks Inc. The offer was made before the prominent US retailer opened its doors for a possible sale. The deal was tagged at US$2.9 billion which includes Saks Inc.'s debt.

"We have this tremendous opportunity in Canada to roll out Saks," Baker said in an interview. "Department stores still make a lot of money."

Baker said that he intends to open two dozen Off Fifth stores as well as seven Saks stores in Canada. He also mentioned that he is looking into closing a Saks Fifth Avenue store in the US, where the luxury retailer has closed down several stores.