Murdrick Capital proposes Neiman Marcus-Saks merger: Reuters

Hedge fund Mudrick Capital Management is proposing the Neiman Marcus Group explore a merger with rival department store chain Saks Fifth Avenue, reported Reuters.

Hedge fund Mudrick Capital Management is proposing the Neiman Marcus Group explore a merger with rival department store chain Saks Fifth Avenue, reported Reuters. Neiman Marcus filed for bankruptcy last week after store closures caused by the COVID-19 pandemic resulted in “plunging sales.” Dallas-based department store owner Neiman Marcus is backed by Ares Management Corp and Canada Pension Plan Investment Board while Saks is owned by Canada-based Hudson’s Bay Company.

Source: Reuters