Retail

In Department Store News, Neiman Marcus Sale Called Off

While there were talks of luxury department store Neiman Marcus getting acquired back in March of this year by Hudson’s Bay Company, that’s no longer the case.

Following its fourth consecutive quarterly loss, the upscale retailer has shared it’s pushing forward on its own. With its total revenues decreasing 4.9 percent down to $1.11 billion in Q3, down from last year’s $1.17 billion, same-store sales decreased 4.9 percent. Neiman Marcus reported a $24.9 million net loss for the quarter with a net earnings of $3.8 million for the same timeframe last year.

The luxury department store is still under immense debt pressure stemming from its 2013 $6 billion leveraged buyout.

On Neiman Marcus’ most recent earnings call, its CEO Karen Katz commented on its decision to not push through with an acquisition of the luxury store. She said, “We previously announced that the company was exploring strategic alternatives. However, at this time, any conversations regarding a partial or full sale of the company have been terminated.”

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