HBC buys Neiman Marcus department stores

Hudson’s Bay Co. has reportedly concluded a deal to buy Neiman Marcus, the Dallas-based luxury department store chain. HBC also owns Saks Fifth Avenue and Saks Off 5th. The deal has been reported to be worth US$2.65 billion. Neiman Marcus has 36 stores in the U.S. According to the Dallas Morning News, the combined company would represent sales of US$10 billion.