Debt-laden Neiman Marcus abandons hope of a sale: Reuters

U.S. department store operator Neiman Marcus Group said it had ended talks regarding a partial or full sale of the company, three months after embarking on a review of strategic alternatives under the weight of a US$4.8 billion debt load, Reuters reported. The company's debt pile made any acquisition very hard to structure. Talks between Neiman Marcus and its suitor Hudson's Bay Co, the Canadian owner of high-end department store Saks Fifth Avenue, had made little progress because of this issue. Neiman Marcus does not face any significant debt maturities until 2020, giving its private equity owners Ares Management LP and Canada Pension Plan Investment Board time to try to turn the business around.

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