On July 5th, Goron Hui reported that the parent company of the American department store Saks Fifth Avenue, HBC, officially announced plans to acquire the main assets of Neiman Marcus, a fellow industry currently facing bankruptcy crisis, for a transaction amount involving 2.65 billion US dollars. HBC will integrate brands such as Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, Bergdorf Goodman and Neiman Marcus real estate assets into the new company Saks Global. HBC will raise funds from existing shareholders and new investors, as well as consortium loans, to pay for the acquisition cost. Rhone Capital, HBC's existing main shareholder, will become the leading investor of Saks Global. Amazon and Salesforce will be minority shareholders of Saks Global. Marc Metrick, head of Saks' e-commerce business, will become CEO of Saks Global. Neiman Marcus applied for bankruptcy protection in 2020 because of the impact of the COVID-19 pandemic on its business. The group had emerged from bankruptcy protection in September of that year after completing debt restructuring.