Saks owner in 'advanced talks' to buy Neiman Marcus
- Author: Zachary Reyes Mar 14, 2017,
Mar 14, 2017, 19:23
Neiman Marcus didn't immediately respond when asked for comment, and Hudson's Bay says it doesn't comment on rumors.
The brand is exploring potential strategic alternatives, which may include the sale of the company or other assets, or other initiatives to optimize its capital structure, as well as a number of other options, Neiman Marcus reported.
A mega-luxury deal that would merge Neiman Marcus with the company that owns Saks Fifth Avenue is in the works, sources told The Post.
Neiman Marcus is in talks to be acquired by Hudson Bay, which owns Saks Fifth Avenue and Lord & Taylor that would exclude its $5 billion in debt, The Wall Street Journal reported.
Same-store sales fell 6.8 percent in the second fiscal quarter, which ended January 28.
Neiman Marcus also reported a 6.1 per cent drop in second-quarter revenue as issues in its new merchandising and distribution system forced the company to take additional markdowns. Hudson's Bay Co was said to be interested in mainstream department store group Macy's but has redirected its attentions to Neiman Marcus having learned of its potential availability.
"We are seeing our customers shop multiple stores and websites - not just ours", Neiman CEO Katz said during an earnings call Tuesday.
Neiman Marcus was founded in 1907 and has stores in 42 U.S. locations, it was bought in 2013 by Ares Management and the Canada Pension Plan Investment Board. "We continue to see fewer worldwide shoppers in our stores in New York City, Miami, Las Vegas and Honolulu".
The Bay, as it is known in Canada, last month reportedly made a takeover offer for another American retailer: Macy's.