Saks Global announced Dec. 23 it completed its $2.7 billion acquisition of Neiman Marcus, aligning two historic names in luxury retail and putting a prominent Dallas company under the control of a New York-based chain.

Saks Global has acquired Neiman Marcus and Bergdorf Goodman for $2.7 billion, after Neiman Marcus filed for bankruptcy in May 2020.

The merged company will combine 36 Neiman Marcus and 41 Saks Fifth Avenue stores amid a faltering luxury retail market.

The deal creates a luxury retail empire in the U.S. and also raises questions over possible consolidations, executive changes and relationships with vendors.