NEW YORK (AP) – Neiman Marcus is on its own as it tries to turn around its weak business.
The upscale department store chain confirmed Tuesday that talks for a partial sale or outright purchase of the company have ended. The Wall Street Journal had earlier reported that talks had stalled between Neiman Marcus and Hudson’s Bay, which operates such chains as Lord & Taylor and Saks Fifth Avenue.
Like many luxury retailers, Neiman Marcus has struggled as even wealthy shoppers are looking for cheaper deals online. It reported another quarter of sales declines, though business has improved as it increased its assortment of exclusive merchandise and personalized its offers to customers.
CEO Karen Katz says such moves will help differentiate itself from rivals and help business.
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