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Neiman Marcus Considers Sale After Failed IPO

15 March, 2017, 00:43 | Author: Paula Vaughn
  • A shopper walks past a Saks Fifth Avenue OFF 5TH store in Tsawwassen British Columbia Canada

Neiman Marcus' situation is a reflection of the general slow-down in footfall at USA malls, which has hit retailers in those locations hard.

A spokesman for Hudson's Bay declined to comment on the report, but said: "As we have previously stated, we selectively evaluate opportunities to accelerate the company's strategic growth while maintaining or enhancing its credit profile".

The company swung to a loss of $117m in its fiscal second quarter, compared with net earnings of $7.9m in the same quarter a year earlier. It was sold to private equity firm Ares Management and Canada Pension Plan Investment Board for $6bn in 2013.

Comparable sales dropped 6.8% in the second quarter.

For the second quarter ended January 28, the company's revenue dropped 6.1 percent to $1.4 billion, while same-store sales declined 6.8 percent.

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Neiman Marcus is the latest retailer to face struggles, thanks to shifts in consumer buying habits and unpredictable weather. In January, the retailer abandoned plans for an initial public offering.

After the announcement, Neiman Marcus talked with Hudson's Bay Co., which is the owner of Saks Fifth Avenue, about a buyout of the upscale retailer.

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.

"Our customers are increasingly deliberate and thoughtful when they shop", said Neiman Marcu CEO Karen Katz on Tuesday in a conference call to discuss the company's latest results.

The company, which is based in Dallas, operates 42 Neiman Marcus stores, and owns two Bergdorf Goodman luxury stores in NY and 27 off-price Last Call clearance centers, according to its website.

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