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HBC said it will establish Saks Global, a combined entity of Saks Fifth Avenue, Neiman Marcus and other luxury retail and real estate assets.
Neiman filed for bankruptcy protection in 2020 after the pandemic forced the closing of Neiman and other stores across the United States, crushing the company’s revenues.
Neiman Marcus is known for selling designer dresses, shoes, handbags and other luxury products, catering to wealthy customers.
Reuters had reported on Wednesday that HBC agreed to buy Neiman Marcus.
Marc Metrick, CEO of the e-commerce Saks business, will run the combined company.
Source: Reuters
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