From CNBC:

Neiman Marcus CEO denies need to sell business to Saks Fifth Avenue as rumors swirl. Reports of $3 billion takeover offer from Saks were rejected. CEO says no urgency to sell, as company is profitable, with $1 billion in available liquidity. Eventual sale is likely within the next five years, but not currently in process. Neiman experienced low single-digit sales decline over recent holiday season, cites volatile luxury retail environment.

Potential merger between Neiman Marcus and Saks Fifth Avenue may be inevitable, say insiders, but Neiman CEO states there is currently no plan to sell. Luxury retailer filed for bankruptcy in 2020 and is currently majority owned by investment firms. Owners have not yet received an offer large enough to prompt sale. Neiman reports low single-digit sales decline over recent holiday season.

As department stores face challenges, Neiman Marcus CEO states company has no urgent need to sell, with $1 billion in available liquidity and profitable operations. Reports of Saks Fifth Avenue’s rejected $3 billion offer to acquire Neiman. Eventual sale is likely within five years, but current focus is on executing strategy in volatile luxury retail environment.



Read more: Neiman Marcus CEO addresses Saks sale rumors