Saks Fifth Avenue to buy Neiman Marcus: report
DALLAS - The parent company of Saks Fifth Avenue is reportedly buying Dallas-based Neiman Marcus, with a little help from Amazon.
The Wall Street Journal reports the deal is worth $2.65 billion.
Amazon would have a minority stake in the new company to provide technology expertise.
The combined company would have about $10 billion in annual sales.
Neiman Marcus filed for bankruptcy protection in May 2020 during the pandemic, but exited bankruptcy later that year.
It was found in Dallas in 1907 and its name has become synonymous with high-end luxury items.
There is no word on when an official announcement will be made.