Upscale Retailer Neiman Marcus Shelves Plans For A Sale
Upscale retailer Neiman Marcus said it had terminated any talks regarding a partial or full sale of the company, nearly three months after embarking on a plan seeking strategic alternatives. The news comes days after the Wall Street Journal reported that talks between Saks Fifth Avenue owner Hudson’s Bay and Neiman Marcus regarding a potential combination had stalled. “While looking ahead, we know challenges remain, but we are encouraged by the strategies we have in place to improve our operational efficiencies and performance,” Chief Executive Karen Katz said on a post-earnings call. Neiman, struggling to seek relief from a swelling debt load, hired investment bank Lazard to bolster its balance sheet, Reuters reported in March, as the company continued to struggle with lackluster demand in the face of stiff competition from Amazon.com and fast-fashion retailers such as H&M and Zara. Read more at CNBC.
