Luxury retailer Neiman Marcus is up for sale

High-end retailer Neiman Marcus has announced a $120 million, three-month operating loss and six straight quarters of declining sales.

The Dallas-based company says it’s exploring all options, including a sale of the company which has been rumored for some time.

Chief executive officer Karen Katz said Tuesday while Neiman Marcus remains at the forefront of luxury shopping, people are shopping less.

“Customers are making fewer trips to the store and the mall and more trips to the web. They want newness, exclusivity and the best price,” Katz said. “Driven by these expectations, and thanks to the information available to them on the web, more and more we are seeing our customers shop multiple stores or websites not just ours.”

There are reports the Canadian company Hudson’s Bay, which also bought Saks Fifth Avenue in 2013, is interested.

 

 

 

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