Saks Fifth Avenue Flagship Appraised at $3.6 Billion as It Renews Neiman Push [BNN Bloomberg (Canada)]
Tapestry, Inc. (TPR)
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Source: BNN Bloomberg
Marcus, according to people familiar with the matter, moving two of America's biggest high-end department stores closer to a deal after years of on-and-off courtship. As part of the proposed financing, Saks' flagship store at 611 Fifth Ave. in Manhattan was valued at $3.62 billion, one of the people said. That's a notable increase from an appraisal of $1.6 billion in 2019 and close to its value of $3.7 billion in 2014, according to previous filings from parent company Hudson's Bay Co. Saks and its lenders had the property appraised so it could serve as collateral to raise debt for the financing efforts, the person said. Appraisers looked at the flagship earlier this month, the person added, a sign that deal talks between the two luxury chains are heating up again. Spokeswomen for both companies declined to comment. The appraisal of the iconic New York department store, whose annual holiday window displays attract locals and tourists, is a testament to heightened demand for hig
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