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'Marriage of convenience': Hudson's Bay Co. buying Neiman Marcus for US$2.65B

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TORONTO — Several North American department stores are joining forces under a deal that will see Hudson's Bay Co. buy Neiman Marcus and spin it out into a larger business along with some of its other prestige retailers. HBC's US$2.

TORONTO — Several North American department stores are joining forces under a deal that will see Hudson's Bay Co. buy Neiman Marcus and spin it out into a larger business along with some of its other prestige retailers.

“For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees," HBC's executive chairman and chief executive Richard Baker said in a release announcing the deal. As Neiman Marcus wrestled with these issues, it filed for bankruptcy protection in May 2020 but managed to survive.

HBC will continue to wholly own its Canadian retail and real estate assets, including Hudson’s Bay and a $2 billion real estate portfolio.

 

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