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Yesterday, Hudson Bay Co. announced that it's buying Saks for $2.9 billion. Today, further details were released about what that means for the company's big stores. Chairman and CEO Richard Baker says: "We plan on spending a lot of money renovating Saks stores, making the Saks business more luxurious, more exciting, and as compelling as we can....We will hit the ground running once we close the deal, which will be in three to six months." [WWD; Previously]