Hudson's Bay Co. to purchase U.S. department store Neiman Marcus: reports

Hudson's Bay Co. has reached a deal to buy luxury department store chain Neiman Marcus, according to media reports.

Citing multiple sources, both the Wall Street Journal and New York Times reported the deal will see Toronto-based HBC pay US$2.65 billion for the U.S. retailer.

News of the deal follows months of speculation that HBC would buy the brand, whose website lists 36 U.S. locations selling designer apparel, accessories and housewares.

Neiman Marcus competes in the same segment of the retail market as HBC, which also owns Saks Fifth Avenue and Saks Off 5th.