News Worms
News Worms

USA department store Neiman Marcus up for sale

USA department store Neiman Marcus up for sale

In an attempt to change its image, Neiman Marcus a year ago aligned with e-commerce startup Rent the Runway.

Neiman Marcus announced Tuesday that it had begun the process to explore and evaluate potential strategic alternatives, that could include the sale of the company or other debt restructuring options. In particular, the company also took a $153.8 million impairment charge to write down the value of its Neiman Marcus brand.

Neiman Marcus was founded in 1907 and has stores in 42 United States locations, it was bought in 2013 by Ares Management and the Canada Pension Plan Investment Board.

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Hudson's Bay is in talks to buy struggling USA luxury retail chain Neiman Marcus, the Wall Street Journal reported on Tuesday, citing unnamed sources.

The announcement came as the retailer, which also operates Bergdorf Goodman, reported a loss in its second fiscal quarter that ended January 28 and its sixth consecutive quarterly drop for a key revenue measure. Neiman Marcus didn't immediately respond when asked for comment, and Hudson's Bay says it doesn't comment on rumors.

In its second fiscal quarter, Neiman reported total revenues of $1.4 billion, down 6.1% compared to a year earlier.

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Like many retailers, the company is facing the public's shift from department stores and less mall traffic.

Hudson's Bay - the Canada-based retail empire that owns Saks as well as Lord & Taylor - is in "advanced talks" to buy Neiman Marcus from private-equity firm Ares Management and the Canada Pension Plan Investment Board, one of the sources said. Last year, the company nixed plans for an IPO.

Neiman operates about 40 namesake stores in the well as two Bergdorf Goodman stores on Fifth Avenue in New York City and 42 Last Call discount stores.

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