Hudson's Bay Company announced it is acquiring Neiman Marcus for $2.65 billion in a move that will merge two upscale retailers into a new entity called Saks Global. The deal includes 75 stores, two Bergdorf Goodman locations, and 100 off-price outlets. The acquisition is being financed by a $2 billion investment from HBC and a $1.5 billion debt offering from affiliates of Apollo Global Management. Amazon is also taking a minority stake in Saks Global, marking its first investment in a brick-and-mortar retailer since acquiring Whole Foods in 2017. The merger aims to streamline logistics and e-commerce, leveraging Amazon's expertise in online retail. Neiman Marcus, one of the country's oldest retailers, faced bankruptcy in 2020 due to the COVID-19 pandemic but emerged from court supervision after shedding debt. Saks and Neiman have struggled to boost growth, and the combined entity may still face challenges in competing with global luxury conglomerates.