Neiman Marcus explores sale options

The board of US luxury department chain Neiman Marcus is exploring a sale of the company amid the continuing tumult surrounding major American brick-and-mortar retailers.

Neiman Marcus has reported a second quarter revenue decline of 6.1 per cent year-on-year to $1.4 billion. It is the sixth consecutive quarter of sales declines for the company.

The news came just days after embattled US discount department store operator Sears posted another massive quarterly operating loss, and JCPenney and Macy’s confirmed further store closures.

“The company is undertaking a process to explore and evaluate potential strategic alternatives, which may include the sale of the company or other assets, or other initiatives to optimise its capital structure,”  the retailer said in a statement.

The high-end department chain said there was no assurance of a sale and would not put a timeline on the evaluation process.

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