Saks owner said to be nearing deal to buy Neiman Marcus for $2.65 billion [Los Angeles Times (CA)]
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Source: Los Angeles Times
The owner of Saks Fifth Avenue has agreed to buy rival Neiman Marcus Group for $2.65 billion, according to a Wall Street Journal report, which cited people familiar with the matter. Amazon.com Inc. and Salesforce Inc. will help facilitate the deal by Saks owner Hudson's Bay Co. The tech firms will take minority stakes in a new company, called Saks Global, according to the people. Hudson's Bay will also finance the deal with $2 billion raised from investors, the people said. The deal, which comes after years of talks between the two privately held chains, will unite the high-end retailers amid a recent slowdown in luxury sales. The goal is to cut costs and boost profitability by giving the combined company bargaining power with vendors and reducing supply chain costs and other costs that can be shared. Neiman's bankruptcy in 2020 allowed the Dallas-based department store company to shed billions of dollars in debt, making it a more attractive target. Saks, Neiman Marcus and
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