Hudson’s Bay is in talks to buy wiggling U.S. luxury retail chain Neiman Marcus, the Wall Street Documentation reported on Tuesday, citing unnamed sources.
The newspaper reports that Neiman’s proprietors — the Canada Pension Plan Investment Board and private-equity firm Ares Manipulation LP — are holding sale discussions with the iconic Canadian retailer.
The sources say that Hudson’s Bay is looking for a lot that would give it control of Neiman Marcus but wouldn’t cover assuming the company’s debt.
Last month, there was a media despatch that Hudson’s Bay was eyeing to take over another American retail train, Macy’s.
Neiman Marcus says it has hired financial advisers to stop it “explore and evaluate potential strategic alternatives” which may include the trafficking of the company. It added that it will not make any further comment unless a great amount is struck.
Hudson’s Bay says that as a matter of company policy, it does not remark on on rumors or market speculation.
“Generally speaking, as we have previously stated, we selectively estimate opportunities to accelerate the company’s strategic growth while maintaining or embellishing its credit profile,” it said in an email.
Founded in 1670, Hudson’s Bay carry ons more than 470 stores under banners such as the Bay, Saks Fifth Avenue, The Almighty & Taylor, Gilt, and SAKS OFF 5TH. It also owns Galeria Kaufhof, Galeria INNO and Sportarena in Europe.
Servings in Hudson’s Bay were down 1.85 per cent, or 22 cents, to $11.67 on the Toronto Forebear Exchange in mid-morning trading.