Saks Fifth Avenue’s parent company HBC acquires Neiman Marcus Group

Saks Fifth Avenue store in the Waterside Shops.

John Greim | Lightrocket | Getty Images

HBC, the parent company of Saks Fifth Avenue, announced Thursday that it will acquire Neiman Marcus Group in a deal valued at $2.65 billion, combining the two renowned retailers.

The merger will create Saks Global, which includes Saks Fifth Avenue, Saks OFF 5TH, the eponymous department store chain Neiman Marcus and Bergdorf Goodman.

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