Report: Gilt to Be Acquired by Saks Fifth Avenue's Parent

Fashion e-commerce site Gilt, once valued at $1 billion, is in advanced talks to be acquired by Saks Fifth Avenue’s parent Hudson’s Bay Company for $250 million, according to The Wall Street Journal. Gilt, which operates limited-time sales of designer clothes, accessories and home goods, has been struggling to maintain its once red-hot growth. Earlier this year, the online retailer put its plans for an initial public offering on hold. Gilt had previously raised over $250 million from Softbank, Matrix Partners and General Atlantic.