News Formal

Sale of Dallas-based Neiman Marcus to Saks Fifth Avenue owner confirmed

  • 📰 dallasnews
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 71%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Iconic Dallas-based luxury department store chain Neiman Marcus will be sold to the parent company of rival Saks Fifth Avenue in a $2.65 billion deal, the two...

The luxury retail combination will have more than 75 flagship stores nationwide in some of the most coveted high-end spaces.

“We’re thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman,” said Richard Baker, HBC Executive Chairman and CEO. “For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees.

The combined entity will control about $7 billion of real estate in some of the country’s most coveted high-end retail destinations. The real estate. HBC named Ian Putnam, president and CEO of HBC Properties and Investments, to be the CEO of the luxury retailers’ property arm “which will manage, maximize and enhance the company’s robust portfolio of assets.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 18. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saks Global CEO Marc Metrick on the Days AheadSaks Global CEO Marc Metrick Talks the Saks and Neiman Marcus Group merger into Saks Global.
Source: wwd - 🏆 24. / 68 Read more »

Saks owner to buy luxury retailer Neiman Marcus in $2.65B dealSaks Fifth Avenue parent HBC will acquire department-store chain Neiman Marcus in a $2.65-billion deal, the companies said on Thursday, giving them stronger negotiating power with vendors and greater ability to control costs.
Source: KSLcom - 🏆 549. / 51 Read more »