Canadian business group and retailer Hudson's Bay Company is buying out US-based luxury department store chain Neiman Marcus, according to
The WSJ says the new brand will be called Saks Global . Marc Metrick, CEO of Saks, is anticipated to take on the role of Saks Global's CEO. As of Thursday morning, neither Neiman Marcus nor the Hudson's Bay Company have publicly announced the acquisition, but a statement is expected soon.In March 2022, Hudson's Bay closed its massive and historical Toronto store. The company laid off over 600 employees a year before shuttering, citing COVID-19 lockdown pressures.
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