Neiman Marcus considers sale
US department store launches strategic review
Upmarket US department store group Neiman Marcus has launched a strategic review which could see a sale of the business.
The company said it is “exploring various strategic alternatives to enhance shareholder value, including the possible sale of the company”.
The retailer said its has retained Goldman Sachs as a financial advisor, and would not disclose any developments until the board has approved a definitive transaction.
The company operates 35 Neiman Marcus Stores across the US and two Bergdorf Goodman stores in Manhattan. It also has a chain of clearance outlets, Last Call, and the Neiman Marcus Direct home shopping operation.
The review comes during a period of consolidation in the US market with mid-market department store group Sears merging with discounter Kmart, and Federated Department Stores, owner of Macy’s and Bloomingdales, agreeing a takeover of rival May Department Stores.
