According to the Wall Street Journal, Neiman Marcus has rejected Saks Fifth Avenue’s offer of $3 billion to acquire the retailer; however, the two chains are continuing to negotiate, focused on the terms of the deal. 

Neiman’s filed for bankruptcy in 2022, emerging with less debt leverage. Reportedly, Saks has been late paying several vendors, some of whom temporarily halted shipments to the retailer.

The merger of Saks, which operates 41 stores, with Neiman’s 36 stores, could likely face antitrust scrutiny.

Photo courtesy Neiman Marcus