Consolidation activity amped up among department-store chains this week, with the parent-company of Saks Fifth Avenue officially cutting a $2.65 billion deal Thursday for Neiman Marcus. Amazon.com took a minority stake in the new entity. Meanwhile, two investment groups have increased their bid to take Macy's private.
Investing.com-- The S&P 500 closed at record highs Friday on bets that Federal Reserve rate rate cuts may soon be on the horizon after the June monthly jobs report pointing to cooling in the labor market.
The group of investors looking to purchase the department store increased its offer by about $300 million.