Canada's Hudson Bay, which owns Saks Fifth Avenue and other retailers, is buying 117-year-old Neiman Marcus, according to a report.
Saks Fifth Avenue parent Hudson Bay Co. is acquiring Neiman Marcus for $2.65 billion, the companies told the New York Times, a move that would merge two national and upscale retailers.The combined entity, to be called Saks Global, will have a combined 75 stores, including two Bergdorf Goodman locations, along with 100 off-price outlets, according to the Times.
Amazon declined to comment on the planned merger.Among the country's oldest retailersHerbert Marcus Sr., his sister, Carrie Marcus Neiman, and her husband A.L. Neiman opened the retailer's first store in Dallas, Texas, in 1907. The company was sold to department store operator Broadway-Hale in 1969, setting the stage for it to expand beyond Texas. Later, Neiman Marcus came under the ownership of the conglomerate Harcourt General, which also published textbooks and owned movie theaters.
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