Neiman Marcus explores options as Hudson's Bay circles

A shopper walks past a Saks Fifth Avenue OFF 5TH store in Tsawwassen British Columbia Canada

A shopper walks past a Saks Fifth Avenue OFF 5TH store in Tsawwassen British Columbia Canada

Neiman Marcus also reported a 6.1 per cent drop in second-quarter revenue as issues in its new merchandising and distribution system forced the company to take additional markdowns.

Back in January, Neiman Marcus withdrew its initial public offering, which it announced it would seek in May 2015. The company posted a net loss of $117.1 million in the period, which includes a $153.8 million write down of its brand.

In 2013, Ares acquired Neiman Marcus for $6 billion. The Wall Street Journal reported that the company is in discussions with Hudson's Bay Co.

Neiman Marcus, meanwhile, did not provide a timetable for when it expected to decide on a sale or break up of the company.

Recent speculation had suggested Hudson's Bay was exploring the possibility of acquiring another struggling U.S. luxury department store, Macy's.

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Standard & Poor's also recently downgraded its credit rating on Neiman from B-minus to triple-C-plus, which is junk status.

Total revenues came to $1.4 billion, a decrease of 6.1 percent compared to total revenues of $1.49 billion for the second quarter of fiscal year 2016.

Neiman Marcus is one of a number of department stores that have run into financial problems in recent years as more and more consumers embrace online shopping.

After posting its sixth consecutive quarter of declining sales, storied retailer Neiman Marcus said Tuesday it would consider putting itself up for sale.

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. The company has been opening in-store boutiques to let customers rent clothes and accessories.

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