The owners of Neiman Marcus are weighing whether to sell the department store chain as it struggles in an era of declining visits by shoppers and declining sales. The company said it is "undertaking a process to explore and evaluate potential strategic alternatives," which may include the sale of the company or assets, or other initiatives to optimize its capital structure. Pressured by consumer shifts and the fact that it has now had six straight quarters of declining sales, the retailer reported a 6.1 percent drop in second-quarter revenues, totaling $1.4 billion. And Neiman Marcus is not alone; JcPenney, Macy's and Sears have all announced plans to close stores. Canadian retailer Hudson's Bay, which had reportedly been considering a merger with Macy's, has now expressed interest in acquiring Neiman Marcus instead.
(Source: Footwear News)