At Saks Fifth Avenue's New York City flagship, a Frozen-themed light show draws the crowds, L'Avenue is buzzing and shoppers crowd the newly remodelled beauty floor and basement jewellery vault. Behind the scenes, the mood is less jolly. A bid by parent HBC's executive chairman to take the company private is being challenged by its largest investor. What once looked like a sure thing is in doubt ahead of a shareholder vote on Dec. 17, and two influential investment advisors have split on whether to support Baker's bid. Chief Executive Helena Foulkes has said the company's retail strategy will remain the same whoever owns it. Whether that's a good thing remains to be seen; third-quarter results were disappointing, and the value of Saks' Manhattan flagship was lowered by 60 percent last month. Sales declined even at Saks, which had shown signs of improvement as it concludes an expensive renovation of that store.