The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake. The new entity would be called Saks Global, which will comprise the Saks Fifth Avenue and Saks OFF 5TH brands, Neiman Marcus and Bergdorf Goodman, as well as the real estate assets of Neiman Marcus Group and HBC, a holding company that purchased Saks in 2013. [time-brightcove not-tgx=”true”] HBC has secured $1.15 billion in financing from investment funds and accounts managed by affiliates of Apollo, and a $2 billion fully committed revolving asset based loan facility from Bank of America, which is the lead underwriter, Citigroup, Morgan Stanley, RBC Capital Markets, and Wells Fargo. The deal comes after months of rumors that the department store chains had been negotiating a deal.

BING NEWS:
  • New Saks-Neiman Marcus leader says $2.65 billion deal ‘is about growing,’ not shrinking
    Marc Metrick, the executive poised to lead Neiman Marcus after its sale to rival Saks Fifth Avenue, says there are no plans to shrink either of the luxury department store chains after the $2.65 ...
    07/5/2024 - 11:33 am | View Link
  • Saks Fifth Avenue parent group signs deal to buy upscale rival Neiman Marcus Group for $2.65 billion
    The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group ... Like many of its peers, the privately held department store chain was forced to temporarily close ...
    07/4/2024 - 1:00 pm | View Link
  • Luxury department stores Neiman Marcus and Saks Fifth Avenue confirm $2.65 billion buy
    Iconic Dallas-based luxury department store chain Neiman Marcus will be sold to the parent company of rival Saks Fifth Avenue in a $2.65 billion deal, the ...
    07/4/2024 - 12:43 pm | View Link
  • Luxury department store Saks buys Neiman Marcus, and Amazon gets a stake
    The two high-end department stores hope together they would wield more power to counter luxury brands, which increasingly flex their muscles over retailers.
    07/4/2024 - 9:36 am | View Link
  • Saks Fifth Avenue's parent company to buy rival Neiman Marcus
    Both Saks and Neiman Marcus have seen declining sales as shoppers shift their spending from luxury goods to experiences like travel and upscale restaurants.
    07/4/2024 - 8:02 am | View Link
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