Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Neiman Marcus Is Looking for a Buyer
The struggling luxury department store announced this week that it’s exploring its options, including a potential sale.
Dallas, Texas--Debt-laden luxury department store chain Neiman Marcus said Tuesday that it is “(evaluating) potential strategic alternatives, which may include the sale of the company.”
Like many department stores, the Dallas-based company, which also owns MyTheresa.com and various real estate holdings, is struggling to combat declining sales and offset its $4.9 billion debt load.
In its second fiscal quarter ended Jan. 28, Neiman Marcus reported that total revenue decreased 6.1 percent year-over-year, falling to $1.4 billion from $1.49 billion. Comparable revenue dropped 6.8 percent.
Factoring in non-cash impairment charges, the luxury retailer reported a loss of $117.1 million in the second quarter, compared to earnings of $7.9 million in the same quarter last year.
In January this year, the company withdrew its initial public offering, which it had submitted in 2015.
Sources told The Wall Street Journal this week that the company, which is owned by private equity firms, is in talks with Hudson Bay Co., which owns Saks Fifth Avenue and Lord & Taylor.
Earlier this year it was widely reported that Hudson Bay Co. was in talks to purchase Macy’s, though sources indicated to the New York Post this month that the deal has stalled due to Macy’s high asking price.
RELATED CONTENT: The Malaise of Macy’sIn its second quarter earnings statement, Neiman Marcus said that a team of financial advisors would explore selling options or alternatives “to optimize its capital structures” though there was no specific timetable set or guarantee that any action would be taken.
They also said that they didn’t expect to comment on a potential sale until a move had been approved by the board of directors.
Neiman Marcus ranks No. 13 on National Jeweler's 2016 State of the Majors "$100 Million Supersellers" list, with an estimated $510 million in watch and jewelry sales in 2015.
The Latest
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Despite the rising prices, consumers continue to seek out the precious metal.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.