TORONTO – Hudson’s Bay is in talks to buy struggling U.S. luxury retail chain Neiman Marcus, the Wall Street Journal reported on Tuesday, citing unnamed sources.
The newspaper reports that Neiman’s owners – the Canada Pension Plan Investment Board and private-equity firm Ares Management LP – are holding sale discussions with the iconic Canadian retailer.
READ MORE: Neiman Marcus falls victim to cyber-security attack
The sources say that Hudson’s Bay is looking for a deal that would give it control of Neiman Marcus but wouldn’t involve assuming the company’s debt.
Last month, there was a media report that Hudson’s Bay was eyeing to take over another American retail chain, Macy’s.
READ MORE: Hudson’s Bay reportedly making push to take over Macy’s
Neiman Marcus says it has hired financial advisers to help it “explore and evaluate potential strategic alternatives” which may include the sale of the company. It added that it will not make any further comment unless a deal is struck.
Hudson’s Bay says that as a matter of company policy, it does not comment on rumors or market speculation.
Comments