Similar Stories to Parent Company Of Saks Fifth Avenue To Buy Rival Neiman Marcus, As Department Stores Struggle on Bing News

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:
  • Shopper enraged over Saks Fifth Avenue dress return ‘nightmare’: ‘Something fishy’
    A woman had a bizarre experience when trying to return a dress at Saks Fifth Avenue — and she’s warning shoppers to be wary.
    10/1/2024 - 6:33 am | View Link
  • Luxury retailer Saks reportedly bids $3 billion to take over rival Neiman Marcus
    Saks Fifth Avenue has offered $3 billion to acquire Neiman Marcus ... could help them better negotiate terms with suppliers. At present, Saks has 39 stores, while Neiman Marcus has 36 (plus seven ...
    09/27/2024 - 6:16 am | View Link
  • Saks Fifth Avenue Moves Into Fine Art
    The department store is offering more than 100 limited-edition pieces, highlighting them in stores and online.
    09/26/2024 - 5:00 pm | View Link
  • Forget Galleries. You Can Now Buy Fine Art From Saks Fifth Avenue.
    The luxury retailer will expand its offerings with a new limited-edition, 100-piece art collection shoppable through its website and select stores.
    09/26/2024 - 10:02 am | View Link
  • Can Neiman Marcus Remain True to Dallas if It’s Run From New York?
    The impending merger of the luxury retailer with rival Saks Fifth Avenue could transform its long relationship with its hometown.
    09/26/2024 - 3:00 am | View Link
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