Neiman Marcus up for sale

Neiman MarcusThe board of US luxury department chain, Neiman Marcus, is exploring a sale of the company amid the trouble befalling major American retailers.

Fresh after the recent announcement that embattled US department store operator Sears has posted another massive quarterly operating loss, Neiman Marcus has followed suit and posted total revenues of $1.40 billion for its second quarter results – representing a 6.1 per cent decrease compared to the prior corresponding period. It is the sixth consecutive quarter of sales declines for the company.

“The company is undertaking a process to explore and evaluate potential strategic alternatives, which may include the sale of the company or other assets, or other initiatives to optimise its capital structure,”  the retailer said in a statement.

The high-end department chain said there was no assurance of a sale and would not put a timeline on the evaluation process.

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