Canada’s Hudson’s Bay Co has hired a debt restructuring adviser to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group, according to people familiar with the matter.
The move is the clearest indication yet that Neiman Marcus’ $4.7 billion debt pile poses significant challenges to a merger between Hudson’s Bay, owner of the Lord & Taylor and Saks Fifth Avenue retail chains, and private equity-owned Neiman Marcus.
Hudson’s Bay Executive Chairman Richard Baker set his sights on Neiman Marcus, operator of 42 eponymous stores across the United States and two Bergdorf Goodman stores in Manhattan, two month…
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