Saks Fifth Avenue's parent firm to buy Neiman Marcus for $2.65 billion

NEW YORK CITY, New York: The parent company of Saks Fifth Avenue has signed a deal to acquire upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion.

The new entity, called Saks Global, will also include a minority stake from Amazon.

Saks Global will comprise the Saks Fifth Avenue and Saks OFF 5TH brands, Neiman Marcus, Bergdorf Goodman, and the real est