Newswire

  • M. Fabrikant & Sons and Leer Gem are forming a new jewelry and solitaire company called Fabrikant-Leer International. The new entity will be a subsidiary of Fabrikant. Leer Gem will no longer be an independent entity. Larry Weinman, owner-partner of Leer Gem, will serve as managing partner of the new entity, and Ira Bergman, a Fabrikant executive, will serve as president. “Our core focus will be exclusive private-label products and branding initiatives,” Matthew Fabrikant Fortgang, chief executive officer of Fabrikant, told JCK.

  • May Department Stores Co. and Federated Department Stores will reportedly seek endorsement of a planned $11 billion merger from shareholders this month. The deal requires approval by the Federal Trade Commission and is expected to be completed in the third quarter.

  • Neiman Marcus is set to be sold for $5 billion, The New York Times reports. The buyers are Texas Partners, an equity firm that also owns J. Crew, and another equity firm, Warburg Pincus.