Saks Global names new leadership as it completes $2.7B Neiman Marcus acquisition [Yahoo! Finance]
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Source: Yahoo! Finance
Dive Brief: Saks Global completed its acquisition of Neiman Marcus Group for $2.7 billion, the company announced on Monday. The move brings several luxury retailers under the Saks Global corporate roof, including Saks Fifth Avenue, Saks Off Fifth, Neiman Marcus and Bergdorf Goodman. The companies first announced the deal in July. To pay for the deal, the company said it's using equity contributions from a handful of new investors, including Amazon, Authentic Brands Group and G-III Apparel Group, along with the issuance of $2.2 billion of senior secured notes and an asset-based lending revolving credit facility. Saks CEO Marc Metrick will stay with the company to serve as CEO of Saks Global Operating Group. Ian Putnam, president and CEO of HBC Properties and Investments, will serve as CEO of Saks Global Properties & Investments. Both will report to Richard Baker, Saks Global's executive chairman. Bergdorf Goodman will remain a stand-alone business and Tracy Margolies, who was pr
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