Hudson's Bay in Talks to Acquire Neiman Marcus
Hudson’s Bay Company is reportedly in talks to acquire struggling Neiman Marcus in a deal that would turn several of the biggest luxury rivals into siblings. Saks Fifth Avenue, Lord & Taylor and Neiman Marcus would all be owned by the same company if this deal goes through. Neiman Marcus, which said earlier this week that it's exploring strategic financial options, is burdened by about $5 billion of debt and slumping sales — something many department stores are dealing with right now. Neiman Marcus, Macy’s and other haven’t been able to keep up with Amazon.com or off-pricers like T.J. Maxx.
Total Retail’s Take: Just a few short weeks ago, Hudson’s Bay was allegedly in talks to acquire Macy’s, but those rumors were short-lived. Now, Hudson’s Bay seems to have its eyes set on Neiman Marcus; a person briefed on the discussions said the Neiman Marcus talks appear to be more serious. As consumers continue to shift the way they shop, increasingly opting for online, the unrest of the department store industry figures to continue.