Saks Fifth Avenue owner Hudson’s Bay Co. said on Thursday it won shareholders’ approval to take the Canadian department store operator private by chairman Richard Baker.

Baker and his partners have been in a tussle with the company’s top shareholders and were forced to raise their takeover bid to around $11 Canadian ($8.23) per share.

The move comes as the retailer struggles to build sales in a competitive market, forcing it to close stores and sell units to focus on Saks Fifth Avenue and Hudson’s Bay in Canada.

The deal was backed by 98.28 percent of all shareholders and 94.46 percent of common shareholders, a company spokeswoman said.

The company expects the process to be completed on or around March 3.