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prada 2013 glasses clothes and other merchandise at full price and focused on closing unprofitable stores. financial meltdown in 2008.In the latest fiscal year, Saks reported annual revenue of $3.15 billion, up more than 4 percent from the previous year but still below the $3.28 billion in the year ended in January 2008. Saks' net income fell nearly 16 percent to $62.8 million in the latest year.Belus Capital Markets analyst Brian Sozzi said that Saks shopping experience still isn't as inviting as that of Nordstrom and Neiman Marcus. For example, Nordstrom has been doing things like allowing shoppers to checkout in fitting rooms using sales associates' hand held gadgets. And Neiman Marcus, which didn't suffer during the Great Recession, has a long held reputation for coddling its affluent shoppers through its loyalty programs."There has been a lot of promise in terms of potential, but Saks hasn't lived up to the hype," Sozzi said.Still, Hudson's Bay sees promise in Saks. Hudson's Bay will pay $16 per share for Saks, a 5 percent premium over the company's Friday closing price of $15.31. The companies put the deal's total value at about $2.9 billion including debt.Saks' stock jumped more than 4 percent, or 64 cents, to close Monday trading at $15.95. Shares are up 48 percent since the start of the year.The acquisition will marry two storied retailers. Hudson's Bay was founded in 1670 as a trading firm for furs and other goods. It is considered the oldest company in operation in North America. There are about 90 Hudson's Bay location in Canada. The parent company also operates Home Outfitters, Canada's largest home specialty superstores.Hudson's Bay buying Saksand Canada.Lord Taylor and Hudson's Bay, Canada's biggest department store chains, both cater to well heeled shoppers who can afford $98 Free People blouses and $250 Coach handbags. Saks customers, on the other hand, are more affluent and can shell out $800 for Christian Louboutin heels or a couple of thousand dollars for Gucci handbags.During a conference call with investors on Monday, Hudson's Bay Co. Chairman and CEO Richard Baker said the goal is to bring Saks luxury brand into Canada. The company plans to open up seven Saks Fifth