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The parent of Saks Fifth Avenue, in a partnership with Amazon, will buy rival department store chain Neiman Marcus in a $2.65 billion deal. Richard Baker, CEO and chairman of HBC, told The New York Times the company was “not planning on closing any stores or digital businesses or reducing services in any way,” even though the chains operate in many of the same markets. Amazon will take a minority stake in the new company and will provide #technology and logistical expertise, the Wall Street Journal said. The new company will be called Saks Global. Another minority shareholder is Salesforce, the paper said. Read more from Betty Lin-Fisher:

Saks Fifth Avenue owner and Amazon to buy Neiman Marcus in $2.65 billion deal

Saks Fifth Avenue owner and Amazon to buy Neiman Marcus in $2.65 billion deal

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