Hudson’s Bay Co. to buy luxury retailer Neiman Marcus in US$2.65-billion deal

The parent company of Canadian retailer Hudson’s Bay is buying Neiman Marcus Group in a US$2.65-billion deal that includes an investment from e-commerce giant Amazon.com Inc.

HBC operates 39 Saks Fifth Avenue stores across North America, and 95 Saks Off 5th locations; Neiman Marcus has 36 stores, as well as two Bergdorf Goodman locations and five discount Last Call stores. Apollo Global Management is providing US$1.15-billion in debt financing. HBC also secured a US$2-billion revolving asset-based loan facility from lead underwriter Bank of America, Citigroup, Morgan Stanley, RBC Capital Markets and Wells Fargo.

The current chief executive officer of Saks.com, Marc Metrick, will be CEO of Saks Global. Ian Putnam, who is currently president and CEO of HBC Properties and Investments, will be CEO of Saks Global Properties and Investments. Both will report to Mr. Baker, who will be executive chairman of Saks Global. Mr. Baker will continue to be the controlling shareholder of the company.

Another chain, Lord & Taylor – which Hudson’s Bay Co. sold the previous year, before Mr. Baker took HBC private – also filed for bankruptcy protection in 2020, closing down all of its stores. The retailer continues to operate online.

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