(Toronto) Hudson’s Bay Company is buying luxury department store chain Neiman Marcus, according to media reports.
Citing several sources, the Wall Street Journal and the New York Times reported that the deal would see Toronto-based HBC pay US$2.65 billion for the U.S. retailer.
The deal announcement follows months of speculation that HBC would acquire the brand, whose website lists 36 locations in the United States selling designer clothing, accessories and housewares.
Neiman Marcus competes in the same segment of the retail market as HBC, which also owns Saks Fifth Avenue and Saks Off 5th.
HBC has spent the past few years reorganizing its business after closing Home Outfitters in 2019, the same year it sold Lord & Taylor to fashion company Le Tote Inc.
The company did not immediately respond to a request for comment.