Neiman Marcus Wikipedia
Neiman Marcus may very well be looking to sell out, or at least hold a merger, with Saks Fifth Avenue. This is according to a report in the New York Post which said that the entire business could be worth as much as $2 billion.
Pacific Investment Management Co., better known as PIMCO currently owns a majority of Neiman Marcus.
The news comes just two months after word came that Neiman Marcus was looking to unload its subsidiary the iconic luxury fashion department store Bergdorf Goodman.
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Well, in May of 2020, Neiman Marcus went into Chapter 11 bankruptcy protection. And this was the worst time imaginable for retailers as the world had just gone into the Covid crisis shutdowns. But the firm came out of bankruptcy by the end of the year and in June 2022 it reported huge increases in sales with the end of the Covid crisis. But in 2023, things have not gone so well for the retailer.
So, now may be the best time for the owners to sell out and take as much in profit as they can.
And the post cited an anonymous source as saying, “Neiman’s just had its worst fiscal year since its bankruptcy.”
A spokesperson for Neiman Marcus told the Post, “We do not comment on rumors or speculation.”
But in the past twenty years retailers everywhere have been losing more and more of their market share to online sellers like Amazon. And even the luxury stores are hurting.
Saks Fifth Avenue was established in 1924 by Andrew Saks, out of what was previously known as Saks & Co, which was started in 1897. Its first store was located in Washington D.C. It was in 1924 that the firm merged with Gimbel Brothers, Inc. and built its flagship store and building on Fifth Ave in Manhattan. The company currently has 41 stores across North America.
Headquartered in Dallas, Texas, Neiman Marcus was founded in 1907 by Herbert Marcus Sr., a former buyer with Dallas’ Sanger Brothers department store, with his sister Carrie Marcus Neiman and her husband, Abraham Lincoln Neiman. All three were Jewish. In addition to Bergdorf Goodman, the company also owns Horchow, and Last Call.
