A PYMNTS Company

Canada/US: High-end retailer looking to sell itself to clear debt

By  |  March 14, 2017

Neiman Marcus is in talks to sell itself to the Hudson’s Bay Company, the Canadian retail giant, according to a person briefed on the discussions. The potential deal would put the struggling high-end retailer under the same umbrella as Saks Fifth Avenue and Lord & Taylor.

As part of its most recent financial disclosure, Neiman Marcus said on Tuesday that it was evaluating its strategic options. Being burdened by about $5 billion in debt and slumping sales, the retailer said that a potential sale was among the avenues being explored.

The disclosure highlights wider troubles at department stores, which have struggled to adjust to the new ways that people shop — including online. Neiman Marcus, Macy’s and others have been unable to keep apace with Amazon, which has conditioned shoppers to expect low-cost goods delivered quickly. They also face increasingly strong competition from off-price physical retailers like T.J. Maxx.

Full Content: New York Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.