Around this time last year, reports were swirling that luxury department store Neiman Marcus was looking for a buyer. This spring, there were even reports that Hudson’s Bay, Canadian owner of Saks Fifth Avenue, Lord & Taylor, and Gilt, was interested, but the deal fell through.
Upscale department store Neiman Marcus has been the subject of takeover talks for at least a year, with recent rumors claiming that the company could soon fall under the same corporate umbrella as Saks Fifth Avenue, Lord & Taylor, and Gilt. Alas, Neiman Marcus has decided to remain single for now.
CEO Karen Katz said during a conference call this morning that the company will keep going on its own instead.
“Any conversations regarding a partial or full sale of the company have terminated,” she said during the call this morning, according to the Dallas News, noting that it would not pursue a sale of any of its assets, either.
A New York real estate company and Anbang Insurance Group had also reportedly considered buying all or part of the company, but those deals didn’t work out.
The best other news that the retailer had in its quarterly earnings report is that sales haven’t fallen as much as they did from 2015 to 2016. Sales at its stores in Florida and Texas are improving, though, and those were the regions most affected by changes in tourism and in oil royalty checks.
Problems with computer systems also caused inventory issues and led the retailer and some of its subsidiaries to lose sales as it merged online and offline inventory information to boost online sales.
While the company still has a heavy debt load, it has been making interest payments by issuing bonds, putting the problem off until an imagined future when shoppers go back to buying new pricey handbags every season and oil prices are back up.