Creditor wants Neiman Marcus to pursue deal with Saks

Mudrick Capital Management, a hedge fund that holds a portion of Neiman Marcus' roughly $5 billion in debt, has sent a letter to the retailer's board of directors urging it to explore a sale or merger with Saks. Murdrick believes the combination of the two companies could create up to $4.7 billion in value if Neiman Marcus closes at least 22 stores that are in overlapping Saks locations.