Saks Fifth Avenue plans expansion into bankrupt Barneys shop in Los Angeles

Luxury department store operator Saks Fifth Avenue, owned by Canada's Hudso...

FILE PHOTO - U.S. flags fly outside of Saks Fifth Avenue in New York, U.S., June 19, 2017. REUTERS/Lucas Jackson

The move comes ahead of a shareholder vote later this month to approve Hudson’s Bay Executive Chairman Richard Baker’s C$2 billion bid to take the retailer private. As a private company, Hudson’s Bay will be able to invest in its business without facing scrutiny from public shareholders. Barneys filed for bankruptcy last year due in part to rent hikes. Saks will use some form of the Barneys brand at the Beverly Hills store, according to people familiar with its plans.

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