HBC shifts focus of buying spree from Macy's to Neiman Marcus
March 15, 2017
Department Stores | Dallas, TX | Corporate Acquisition
Canadian retailer Hudson's Bay (TSX: HBC), which had set its sights on Macy's (NYSE: M) before failing to find funding for a deal, has shifted focus to acquiring Neiman Marcus, per The Wall Street Journal. With a reported $5 billion in debt, the struggling US retailer is currently exploring strategic alternatives, including a sale. For the 26-week period ended January 28, Neiman reported roughly $250 million in adjusted EBITDA and revenues of $2.47 billion.