Saks owner to buy Neiman Marcus—with help from Amazon

The parent of Saks Fifth Avenue sealed a $2.65 billion deal to buy rival Neiman Marcus, according to people familiar with the matter, creating a powerhouse in luxury retailing that seeks to hang onto wealthy shoppers—all with a little help from Amazon.com. The boards of both companies have approved the transaction and an announcement could come as soon as this evening, the people said. The department-store chains had been negotiating for months and had explored a combination several times over the years. Both have struggled as some consumers spent less...