""We made the strategic decision to sell the land beneath the Neiman Marcus Beverly Hills store and enter into a long-term lease with the new owner," said a spokesperson for Saks Global. "This opportunistic real estate transaction does not impact our day-to-day operations. We remain committed to serving our loyal Beverly Hills customers.""
""This strategic acquisition significantly expands Ashkenazy's presence in Beverly Hills and reinforces the firm's focus on irreplaceable, best-in-class retail assets located in globally recognized luxury corridors," the company said in a statement."
Neiman Marcus's Beverly Hills flagship property at 9700 Wilshire Boulevard was sold to New York investor Ashkenazy Acquisition Corp. Neiman Marcus will continue operating at the location as a tenant under a long-term lease after Saks Global sold the land beneath the store. Ashkenazy already owns the former Barneys building now occupied by Saks Fifth Avenue and described the acquisition as expanding its Beverly Hills presence and focusing on irreplaceable luxury retail assets. Saks Global is selling properties and pursuing financing to shore up cash, including potentially selling a stake in Bergdorf Goodman. The company faces a $100 million debt payment deadline and is considering Chapter 11 as a last resort.
Read at Los Angeles Times
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