Canada-based Hudson's Bay Co. closed on its acquisition of Saks Fifth Avenue on Monday, and the new owner plans to spend between $200 million and $250 million on renovations at the upscale department store's NYC flagship, Hudson's Bay CEO Richard Baker said. On the eve of the closing that creates a combined company with 320 stores, Saks top executives Stephen Sadove and Ron Frasch shared memories of working to rebuild the once-struggling retailer and their sadness about leaving Saks.

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