Hudson's Bay Eyeing an Ailing Neiman Marcus


Hudson's Bay Eyeing an Ailing Neiman Marcus

Earlier this year another luxury retailer, Hudson Bay, the owner of Saks and Lord & Taylor in the United States and Galeria Kaufhof and Galeria Inno in Europe, made a bid for another old-line USA retailer, Macy's, a source told CNNMoney at that time.

The Dallas-based retailer reported a 6.1 percent drop in second quarter revenues, totaling $1.4 billion.

For its second fiscal quarter ended January 28, Neiman's, hurt by poor sales and traffic trends and impairment charges, reported a net loss of $117.1 million, compared with net earnings of $7.9 million for the second quarter of fiscal year 2016.

Neiman Marcus didn't specify which retailers it was looking at.

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The retailer has hired investment bank Lazard Ltd LAZ.N to explore ways to bolster its balance sheet as it seeks relief from $4.9 billion in debt, Reuters reported this month.

Neiman Marcus has hired advisers and is exploring strategic alternatives including a sale of the company or its assets, the United States luxury department store chain said on Tuesday, two months after it scrapped plans for an initial public offering. The company posted a net loss of $117.1 million in the period, which includes a $153.8 million write down of its brand. But Neiman's owners formally withdrew its bid to go public in January, says Reorg.

The company is reportedly considering selling itself to another company willing to merge with it, or take it over following its failed initial public offering (IPO). "Customers are making fewer trips to the store and the mall and more trips to the web".

While the source cautioned that "no deal has been signed", the source nevertheless added that Hudson's Bay has already "done its due diligence" on a prospective acquisition of Neiman, which also owns the Bergdorf Goodman stores on Fifth Avenue.



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