<P> During the 2007 - 2009 recession, Saks Fifth Avenue had to close some stores and to cut prices and profit margins, thus according to Reuters "training shoppers to expect discounts . It took three years before it could start selling at closer to full price". In the following years, the company closed stores in locations including Orange County (2010), Denver (2011), Pittsburgh (2012, despite local efforts to save it), Chicago (2012 / 13) and in June 2013 its last Dallas store to implement the "strategy of employing our resources in our most productive locations". </P> <P> As of 2013, the New York flagship store, whose real estate value was estimated between $800 million and over $1 billion at the time, generated around 20% of Saks' annual sales at $620 million, with other stores being less profitable according to analysts . </P> <P> On July 29, 2013, the Hudson's Bay Company (HBC), owner of the competing chain Lord & Taylor, announced it would acquire Saks Fifth Avenue's parent company for US $2.9 billion . Plans called for up to seven Saks Fifth Avenues to open in major Canadian markets . Expansion into Canada is expected to compete with Canadian Holt Renfrew chain and challenge Nordstrom's expansion into Canada, which began in summer 2014 with the opening of a Nordstrom store in Calgary . In January 2014, HBC announced the first Saks store in Canada would occupy 150,000 sq ft (14,000 m) in its flagship Queen Street building in downtown Toronto, connected to the Toronto Eaton Centre via sky bridge . The store opened in February 2016 with a second Toronto area location in the Sherway Gardens shopping center opening in spring 2016 . </P> <P> On January 6, 2014, Marigay McKee, previously Chief Merchant at Harrods, became president of Saks Fifth Avenue . She stepped down 15 months later on April 2, 2015, and was replaced by Marc Metrick, a former executive at Saks's parent company, Hudson's Bay . </P>

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