Advertisement
Canada markets close in 2 hours 14 minutes

  • S&P/TSX

    22,036.09
    +164.13 (+0.75%)
     

  • S&P 500

    5,072.22
    +61.62 (+1.23%)
     

  • DOW

    38,535.23
    +295.25 (+0.77%)
     

  • CAD/USD

    0.7321
    +0.0020 (+0.27%)
     

  • CRUDE OIL

    83.10
    +1.20 (+1.47%)
     

  • Bitcoin CAD

    91,235.59
    +30.64 (+0.03%)
     

  • CMC Crypto 200

    1,435.77
    +21.01 (+1.49%)
     

  • GOLD FUTURES

    2,339.70
    -6.70 (-0.29%)
     

  • RUSSELL 2000

    2,005.25
    +37.78 (+1.92%)
     

  • 10-Yr Bond

    4.5900
    -0.0330 (-0.71%)
     

  • NASDAQ

    15,698.67
    +247.37 (+1.60%)
     

  • VOLATILITY

    16.05
    -0.89 (-5.25%)
     

  • FTSE

    8,044.81
    +20.94 (+0.26%)
     

  • NIKKEI 225

    37,552.16
    +113.55 (+0.30%)
     

  • CAD/EUR

    0.6834
    -0.0016 (-0.23%)
     
MARKETS LIVE BLOG:

STOCKS EXTEND GAINS AS RESULTS SEASON KICKS INTO HIGH GEAR

Tech-focused investors prepare for fresh wave of earnings highlighted by struggling Tesla

Hudson's Bay to buy online luxury retailer Gilt

Reuters
A woman holds a Hudson's Bay shopping bag in front of the Hudson's Bay Company (HBC) flagship department store in Toronto January 27, 2014. REUTERS/Mark Blinch

(Reuters) - Canadian department store operator Hudson's Bay Co has agreed to buy online luxury retailer Gilt Groupe Holdings Inc for about $250 million.

Hudson's Bay expects the deal to add about $500 million to its 2016 total sales, the company said on Thursday. It reported revenue of C$8.17 billion for 2014.

Gilt, which runs limited-time discounted online sales of apparel and other products, has struggled in the face of stiff competition from other flash-sale websites.

Hudson's Bay, which has a market value of about C$3 billion ($2.12 billion), said it plans to open Gilt shops inside its Saks Off 5th stores.

The Wall Street Journal first reported the news last month.

(Reporting by Anet Josline Pinto in Bengaluru)