$2.65 billion deal would end more than a century of Texas-based leadership for the storied chain that helped cement North Texas as a hub for high-end shopping.
Dallas -based luxury retailer Neiman Marcus is reportedly being purchased by the owner of rival Saks Fifth Avenue in a $2.65 billion deal. According to the Wall Street Journal , the deal would also bring in Amazon and Salesforce Inc. to become minority owners in the new company, which the newspaper said will be called Saks Global . HBC , the Toronto holding company that owns retail chain Hudson’s Bay Co. and acquired Saks in 2013, is financing the deal with $2 billion it raised from investors.
Pearl is about to get bigger — a lot bigger. Here’s what you need to know. Neiman Marcus did not respond Wednesday to phone calls and emails requesting comment. The new company, if approved by shareholders, would be a juggernaut in the luxury retail space as it would have a combined $10 billion in annual sales. It’s a deal that would help both companies as shoppers have begun to spend less on upscale products amid its competitors opening their own stores.
HBC Amazon Salesforce Inc. Wall Street Journal Neiman Marcus Last Call Bergdorf Goodman Davidson Kempner Capital Management Sixth Street Partners Pacific Investment Management Co. Carrie Marcus Neiman Herbert Marcus Sr. Marc Metrick A.L. Pearl Ervay Saks Fifth Avenue North Texas Dallas San Marcos Manhattan Houston Austin San Antonio Dallas-Fort Worth Commerce American New York City Murphy Drive Elm St. Saks Global Last Call Christmas Book
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