Despite having a stock offering in the pipeline, luxury retailer Neiman Marcus is reportedly looking for an investor or buyer, according to an article in the New York Post.
The Post credited Neiman’s more than $4.5 billion in debt and sales declines as leading the Dallas-based company to look for new cash flow. According to the publication, Neiman’s CEO Karen Katz recently visited China to meet with potential buyers, including Anbang Insurance Group, which passed on an offer to buy the company, an unnamed source told the Post.
A spokeswoman for Neiman declined to comment on reports of the company’s sale.
Last week, North Texas' fourth-largest private company by revenue reported third-quarter fiscal year 2016 sales of $1.17 billion, a 4.2 percent decrease compared to sales of $1.22 billion during the same period last year. Neiman has now logged three consecutive quarters of sales dips.
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