Saks Fifth Avenue owner buying Neiman Marcus for $2.65 billion
CBSN
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."
The Labour Party and its leader, new British Prime Minister Keir Starmer, undoubtedly won the U.K. general election, but as he set to work building his new cabinet, there was another politician keen to crow about his party's election windfall, much smaller though it was. Nigel Farage, the leader of the far-right Reform UK party and long one of Britain's most divisive politicians, was heckled by a series of protesters as he took the stage to deliver a speech in London on Friday.
The Transportation Security Administration said it anticipates record numbers of travelers at airports on July 7, as it braces for what is projected to be the busiest day at airport security checkpoints. More than 32 million people are expected to go through TSA screening between June 27 and July 8, according to the agency, a 5.4% increase from the same period last year.
Washington — President Biden is set to travel to the battleground state of Wisconsin on Friday for a campaign rally, marking the start of a crucial weekend for his reelection bid as he seeks to assuage concerns about his fitness for a second term sparked by his startling debate performance just over one week ago.