Hudson’s Bay Co which is an owner of the splurging department store Saks Fifth Avenue abandoned its plan to raise $900 million debt after investors requested a higher interest rate than the company willing to pay.

Hudson’s Bay declined to take on the extra debt after finding the interest rate would be higher than initially expected and would come with financially restrictive terms, the sources said. Hudson’s Bay also did not immediately need the extra cash, the sources added, requesting anonymity as the matter is private.