Hudson's Bay taps debt adviser amid Neiman Marcus bid challenges: Reuters
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, sources told Reuters. The move is the clearest indication yet that Neiman Marcus' US$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 has now tapped investment bank Evercore Partners Inc, and has asked it to come up with ways that the two companies can combine without Hudson's Bay assuming the full burden of Neiman Marcus' debt, the sources said. Ares Management LP and Canada Pension Plan Investment Board acquired Neiman Marcus in 2013 for US$6 billion.
