“Neiman’s just had its worst fiscal year since its bankruptcy.”
Neiman Marcus is weighing a possible deal to sell itself to archrival Saks Fifth Avenue – a once unthinkable merger of the twin titans of US luxury retailing, The Post has learned.
But Neiman’s majority investor – Pacific Investment Management Co., better known as PIMCO – had been willing to hold on longer, arguing that the business will improve, according to sources.Richard Harbus Neiman Marcus CEO, Geoffroy van Raemdonck, has come under fire for his generous compensation package while the company trimmed costs including employees’ pensions and pay during the height of the pandemic.In recent weeks, Hudson’s Bay began exclusive due diligence to evaluate Neiman’s business, sources with knowledge of the negotiations tell The Post.
Neiman has tapped Lazard and JPMorgan to run the sales process while Saks Fifth Avenue’s owner Hudson’s Bay is represented by Morgan Stanley and Bank of America.dpa/picture alliance via Getty ImagesA spokesperson for Neiman Marcus said: “We do not comment on rumors or speculation.”The merger of Saks, which currently operates 40 stores, with Neiman’s 38 stores would almost certainly face antitrust scrutiny.
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