HBC, parent company of Saks Fifth Avenue, and Neiman Marcus Group (“NMG”), parent company of Neiman Marcus and Bergdorf Goodman, today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) in connection with the companies' previously announced transaction through which HBC will acquire NMG for $2.65 billion.
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The expiration of the HSR Act waiting period satisfies a closing condition for the transaction. The transaction remains subject to other customary closing conditions. Until closing, the companies will continue to operate separately.
About HBC
HBC is a holding company of investments and businesses at the intersection of technology, retail operations, and real estate.
It is the majority owner of iconic ecommerce companies: Saks, a leading online destination for luxury fashion, and Saks OFF 5TH, a premier luxury off-price ecommerce company offering top brands at the best prices. These businesses were established as separate operating companies in 2021. HBC also wholly owns Hudson’s Bay, a leading premium retailer in Canada operating a national network of stores and TheBay.com, as well as SFA, the operator of Saks Fifth Avenue’s physical locations, and O5, the operating company for Saks OFF 5TH stores.
With assets spanning top markets and prime locations across North America, HBC owns or controls—either entirely or with joint venture partners—approximately 42 million square feet of gross leasable area. HBC Properties and Investments, the company’s real estate and investments portfolio business, manages these assets along with additional real estate offerings, including Streetworks Development, its property development division.
Founded in 1670, HBC is North America’s longest continuously operating company, with headquarters in New York and Toronto. For more information, visit www.hbc.com.
About Saks Fifth Avenue
Saks Fifth Avenue is the leading name in luxury shopping. Since 1924, the brand has maintained a reputation for delivering an expertly curated assortment of fashion and highly personalized service. The Saks Fifth Avenue experience offers seamless all-channel shopping through an elevated digital platform and in-person services provided by an extraordinary network of 38 Saks Fifth Avenue stores across North America.
Shop on Saks.com and the Saks app, or visit Saks.com to find a Saks Fifth Avenue store location near you. Follow @saks on Instagram, TikTok and Facebook and @Saks Fifth Avenue on LinkedIn.
About Neiman Marcus Group
NMG is the parent company of leading U.S. multi-brand luxury retailers Neiman Marcus and Bergdorf Goodman. The company successfully transformed itself into a profitable luxury relationship business by Revolutionizing Luxury Experiences for customers, brand partners, communities, and associates. Its differentiated business model is anchored around integrated retail, an expertly curated product assortment, and a sales-assisted approach. The company’s culture of Belonging, powered by its 10,000+ associates, celebrates the individual talents that form its collective strength. NMG WOW, its unique and flexible integrated working philosophy empowers associates to do their best work. For more information about NMG, visit neimanmarcusgroup.com or follow the company on LinkedIn, Instagram, and YouTube.
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Contacts
For HBC and Saks
sakspress@saks.com
For Neiman Marcus Group
pr@neimanmarcus.com
