Neiman Marcus explores options as Hudson's Bay circles

Neiman Marcus says it has hired financial advisers to help it 'explore and evaluate potential strategic alternatives' and one interested party may be Canada's Hudson's Bay Company

Neiman Marcus says it has hired financial advisers to help it 'explore and evaluate potential strategic alternatives' and one interested party may be Canada's Hudson's Bay Company

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.

Federal court rules 3 GOP congressional districts discriminate against Hispanics
The ruling comes as the Lone State's Latino population grew, adding four additional congressional seats after the 2010 Census. Democrats have also had some success recently challenging Republican gerrymandering of legislative districts.

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.

Recommended News

  • Bottled water consumption overtakes carbonated soft drinks in the USA  - figures

    Bottled water consumption overtakes carbonated soft drinks in the USA - figures

    In the water revenue, 26% went to soda giants Coca-Cola Co. and PepsiCo Inc., which sell Dasani and Aquafina brands, respectively. On a per capita basis, bottled water consumption exceeded 39 gallons compared with 38.5 gallons for soda.
    PSG win cost Barcelona at Depor, concedes Luis Enrique

    PSG win cost Barcelona at Depor, concedes Luis Enrique

    We want it all. "Only those who went through what we went through this week can understand what it meant", Luis Enrique said. The Spain worldwide said: "What happened was what we didn't want to happen, which was to lose".
    Spurs crush Warriors in battle of backups

    Spurs crush Warriors in battle of backups

    The last time the Warriors' were without all three was December 21, 2010, when they beat the Sacramento Kings 117-109 in overtime. With both teams depleted due to injuries and rest, San Antonio picked up a valuable win against the Golden State Warriors 107-85.
  • Gas prices dip as crude prices decline

    Gas prices dip as crude prices decline

    To put it in perspective, this time last year, gas was $1.79 per gallon compared to five years ago when it was $3.68 per gallon. Georgia drivers previous year were paying about $1.875, while metro Albany motorists were paying $1.87.
    2 ex-Penn State officials plead guilty in child-sex scandal

    2 ex-Penn State officials plead guilty in child-sex scandal

    The NCAA also levied a $48 million penalty against the university that is now funding anti-child-abuse efforts in Pennsylvania. One of Sandusky's sons, Jeffrey Sandusky, was recently arrested and charged with sexual assault of a minor.
    Kong: Skull Island scares up monster opening weekend at USA  box office

    Kong: Skull Island scares up monster opening weekend at USA box office

    That said, for a Warner Bros. action film* opening in this many theaters an opening around $ 42 million is the average. After appearing in Skull Island , King Kong will return in 2020 for the Legendary-made film Godzilla vs.
  • Donald Trump's new travel ban suffers first legal setback

    Donald Trump's new travel ban suffers first legal setback

    Just like the original travel ban , version 2.0 is facing legal challenges. Ferguson's action came a day after Hawaii launched its own lawsuit .
    This Is How Twitterati Reacted To BJP's Magnanimous Victory In UP

    This Is How Twitterati Reacted To BJP's Magnanimous Victory In UP

    However, political parties in Uttar Pradesh failed to sense the reality and kept criticisig the Prime Minister's move. He said the Congress could be in a "very bad situation", if it did not introspect more openly this time.

    MI advances into Big Ten championship game

    That followed a 10-for-22 three-point shooting performance in Friday night's 70-60 win over in in the quarterfinals. We want to be playing our best basketball in March", wing Zak Irvin said. "Blessed we did not get up in the air".
  • Washington's Sidney Jones carted off Pro Day with leg injury

    Washington's Sidney Jones carted off Pro Day with leg injury

    If Jones ends up selected in the late second or early third round, he certainly could end up being the steal of this draft class. Over 39 games in his career with the Huskies, the rangy defensive back tallied nine interceptions and 30 passes defended.
    Merkel's visit to White House delayed by DC snowstorm

    Merkel's visit to White House delayed by DC snowstorm

    Talks will include Germany and France's efforts to address Russia's incursion in Ukraine and what role the USA can play. White House officials said Trump's initial opinion of Putin is operative.
    UP Elections 2017: Shivpal Yadav vows to fightback after SP's shocking defeat

    UP Elections 2017: Shivpal Yadav vows to fightback after SP's shocking defeat

    The counting across the five states of Uttar Pradesh, Punjab, Goa, Uttarakhand and Manipur began at 8 a.m. this morning. "A single person can not be blamed ", he said in Saifai, his native village, where he will celebrate Holi.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.