Neiman Marcus Confirms Takeover Talks With Hudson's Bay Have Ended
The Neiman Marcus Group confirmed Tuesday that talks with Saks Fifth Avenue parent Hudson's Bay Company have ended. The Wall Street Journal reported on Friday that talks between the two luxury retail companies had stalled. "We previously announced that the company was exploring potential strategic alternatives," said Neiman Marcus Chief Executive Karen Katz on the company's earnings call. "However, at this time, any conversations regarding a partial or full sale of the company have terminated." Hudson's Bay announced last week that it would cut 2,000 jobs as part of a reorganization that will focus on the company's digital capabilities. Neiman Marcus reported a 4.9% decline in third-quarter revenue to $1.11 billion from $1.17 billion last year. The SPDR S&P Retail ETF is down 1.3% for the past three months while the S&P 500 index is up 2.5% for the period.
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