Neiman Marcus announced it would no longer be up for sale as it looks for other “strategic alternatives” to stay afloat in this ever-changing retail climate.
“While looking ahead, we know challenges remain, but we are encouraged by the strategies we have in place to improve our operational efficiencies and financial performance,” said Neiman Marcus president and CEO Karen Katz in a post-results conference call, according to Fortune.
Fortune reported that Hudson’s Bay Co., the parent company to Saks Fifth Avenue and Lord & Taylor, had approached Neiman Marcus’s private equity firm owners about buying the company, but talks were stalled earlier this week.
Neiman Marcus is looking to continue to invest in ecommerce and determine how to improve its online service. The company has $6 billion in debt and began looking at other options in March. It has 42 Neiman Marcus stores across the U.S. and two Bergdorf Goodman locations in Manhattan.