Retailer Neiman Marcus is exploring strategic alternatives for the company which may include its sale
After struggling to find the funds to buy Macy’s, Hudson’s Bay is said to be eyeing up department store retailer Neiman Marcus.
Neiman Marcus confirmed in its Q2 2017 results update that it is undertaking a process to explore strategic options, which may result in a sale.
The New York Times reports that a person briefed on the discussions confirmed Neiman Marcus is in talks to sell itself to Canadian retail giant Hudson’s Bay, which already owns Saks Fifth Avenue.
Neiman Marcus, the high-end US retailer, is a direct rival to Macy’s, and both companies have been suffering financially against the backdrop of a poor retail climate in the country.
In Q2, Neiman reported total revenues of $1.4bn, down 6.1% compared to the $1.49bn made in Q2 2016.
Hudson’s Bay was hoping to acquire Macy’s earlier in the month but struggled to find financial backing.
It also owns upscale department store Saks Fifth Avenue and Lord & Taylor, the oldest luxury department store in the country.
Neiman Marcus operates roughly 42 stores in the US.