Parent company of Saks Fifth Avenue to buy Neiman Marcus for $2.65 billion

  • 📰 10News
  • ⏱ Reading Time:
  • 64 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 43%
  • Publisher: 50%

Amazon Notícia

High End Retail,Neiman Marcus,Retail

The parent company of Saks Fifth Avenue is buying upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with Amazon holding a minority stake.

NEW YORK — 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 deal was announced Thursday after the two department store chains had been in negotiations for about a year. But the twist is Amazon’s minority stake, which adds “a bit of spice” to an otherwise anticipated pact, according to Neil Saunders, managing director of GlobalData, a research firm. Amazon will be working with Saks Global to offer its expertise in logistics and personalization technology. Salesforce, a cloud-based software powerhouse, will also become an investor at closing.

Both Saks and Neiman Marcus have struggled as shoppers have been pulling back on buying high-end goods and shifting their spending toward experiences, like travel and upscale restaurants. The two iconic luxury purveyors have also faced stiffer competition from luxury brands, which are increasingly opening their own stores.

Neiman Marcus filed for bankruptcy protection in May 2020 during the first months of the coronavirus pandemic but emerged in September of that year. Like many of its peers, the privately held department store chain was forced to temporarily close its stores for several months.Storied Lord & Taylor announced in late August 2020 it was closing all its stores after filing for bankruptcy earlier that month. It's operating online.

 

Obrigado pelo seu comentário. Seu comentário será publicado após ser revisado.
Resumimos esta notícia para que você possa lê-la rapidamente. Se você se interessou pela notícia, pode ler o texto completo aqui. Consulte Mais informação:

 /  🏆 732. in BR

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Parent company of Saks Fifth Avenue to buy rival Neiman Marcus for $2.65 billionThe 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.
Fonte: WGAL - 🏆 331. / 59 Consulte Mais informação »

Parent company of Saks Fifth Avenue to buy Neiman Marcus for $2.65 billion13News reporter Marina Silva breaks down a mother's plea for justice as the ATF is offering a massive reward for information.
Fonte: WTHRcom - 🏆 329. / 59 Consulte Mais informação »

Parent company of Saks Fifth Avenue to buy Neiman Marcus for $2.65 billionStaying hot and humid with storms around Friday and Saturday before a slight dip in dew points Sunday.
Fonte: fox43 - 🏆 564. / 51 Consulte Mais informação »

Parent company of Saks Fifth Avenue to buy Neiman Marcus for $2.65 billionAuthorities believe the same shark attacked four people across a roughly two-hour span today along South Padre Island.
Fonte: KENS5 - 🏆 608. / 51 Consulte Mais informação »