Hudson’s Bay merger with Neiman Marcus slowed by lawsuit
May 5, 2017
Hudson’s Bay Co., which owns Lord & Taylor and Saks Fifth Avenue in addition to its namesake chain, is trying to put together a deal to acquire 49.9 percent of Neiman Marcus Group. Doing so would enable Hudson’s Bay to acquire a large stake without having to take on any of the $4.6 billion in debt held by Neiman Marcus. Talks between the two companies has reportedly stalled over a lawsuit filed against Neiman Marcus for moving assets including two stores in Texas and one in Virginia to a subsidiary that would protect them from creditors in the case the retailer was forced to file for bankruptcy.
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