Saks Fifth Avenue owner buying Neiman Marcus for $2.65 billion

Saks Fifth Avenue parent Hudson Bay Co. is acquiring Neiman Marcus for $2.65 billion, the companies told the New York Times, a move that would merge two national and upscale retailers.

The combined entity, to be called Saks Global, will have a combined 75 stores, including two Bergdorf Goodman locations, along with 100 off-price outlets, according to the Times.

"Part of what excited us about acquiring Neiman Marcus was acquiring their world-class sales force," Richard Baker, HBC's chief executive and chairman, told the newspaper on Wednesday. "People have forgotten how important people are. When selling luxury products, you need beautiful stores and salespeople customers trust."