Majors

Neiman Marcus Is Looking for a Buyer

MajorsMar 16, 2017

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.

20170110_Neiman-Marcus-San-Fran.jpg
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’s
In 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.
Ashley Davisis the senior editor, fashion at National Jeweler, covering all things related to design, style and trends.

The Latest

Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Weekly QuizMar 21, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Georgia May Jagger Tommy Hilfiger ad campaign
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%

The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.

Hand holding shopping bags
SurveysMar 27, 2024
Consumer Confidence Held Steady in March

Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

Helen McCluskey
MajorsMar 21, 2024
Signet Jewelers Names New Board Chair

Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.

Julia Roberts wearing a Chopard necklace
CollectionsMar 20, 2024
Julia Roberts Co-Designs New Chopard Jewelry Collection

“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."

Tanzanite white gold ring Jared
FinancialsMar 20, 2024
Signet’s Q4 Same-Store Sales Sink 10%

The jewelry giant also posted a double-digit drop in same-store sales for the full year.

Gold and diamond Baume & Mercier watch Elvis gave to Dodie Marshall
AuctionsMar 20, 2024
Vintage Baume & Mercier Gifted by Elvis Going Up for Auction

Elvis gave the watch to actress Dodie Marshall after filming “Easy Come, Easy Go.”

Sketch of Suhan Wang necklace design
Events & AwardsMar 20, 2024
See the Winner of GIA’s Design Competition

The Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design was presented to a graduate of the GIA school in Taipei.

Stock image of a gavel and handcuffs
CrimeMar 19, 2024
Jewelry Factory Supervisor Arrested for Allegedly Stealing Precious Metals

The man was charged with money laundering in connection with the theft of gold, silver, and platinum over the course of three years.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy