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Saks Fifth Avenue parent HBC to acquire Neiman Marcus Group in $2.65 billion deal

Saks Fifth Avenue parent HBC to acquire Neiman Marcus Group in $2.65 billion deal
The deal will establish Saks Global, which will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus' namesake department store chain and Bergdorf Goodman.

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Saks Fifth Avenue parent company HBC has announced its acquisition of Neiman Marcus Group in a $2.65 billion deal, creating Saks Global. The new entity will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus' department store chain, and Bergdorf Goodman. HBC CEO Richard Baker expressed excitement about the merger, emphasizing the potential benefits for customers, partners, and employees. The move comes at a time of change for traditional retail, which has been impacted by the rise of e-commerce and a shift in consumer spending habits. The department store segment, in particular, has faced challenges in attracting younger shoppers.

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