• Q2 net loss of US$117.1m
  • Total sales fell 6.1% to $1.4bn
  • Comparable sales down 6.8%

Neiman Marcus has revealed it is exploring "strategic alternatives", including the possibility of a sale, on the back of falling revenues and earnings in its second-quarter.

The upscale department store retailer said it will enlist the help financial advisors to assist in the evaluation as part of a bid to strengthen its capital structure, and does not expect to comment further unless, and until, a specific transaction is approved.

The move comes amid rumours last week Neiman had hired investment bank Lazard Ltd to help restructure its debt, and reports yesterday (14 March) suggesting Canadian retailer Hudson's Bay Company (HBC) is in talks to buy the company, turning its attention away from Macy's.

Neiman Marcus hires debt restructuring advisor?

Hudson's Bay in Macy's takeover bid?

Hudson's Bay told just-style it does not comment on rumours or market speculation.

A spokesperson added: "Generally speaking, as we have previously stated, we selectively evaluate opportunities to accelerate the company's strategic growth while maintaining or enhancing its credit profile.

Meanwhile, Neiman did not respond to just-style's requests for comment at the time of going to press.

For the 13 weeks to 28 January, Neiman reported a net loss of US$117.1m, compared to net earnings of $7.9m in the year-ago quarter. The retailer recorded non-cash impairment charges of $153.8m in the period.

Meanwhile, total sales were also down, sliding 6.1% to $1.39bn from $1.49bn last year, while comparable revenues decreased 6.8%.