Early delivery this morning, as I have tickets to a kindergarten farewell concert for their beloved principal (the reworked arrangement of Zip-a-Dee-Doo-Dah is said to be particularly poignant). Here we go...
Top of the Morning
Neiman Marcus, a luxury retailer owned by Ares Management and Canada Pension Plan Investment Board, said that it is no longer exploring either a full or partial sale of the company. A strategic review had been launched three months ago, in large part to help Neiman Marcus deal with $4.8 billion debt load.
- Why it's the BFD: Because there was a pretty widespread belief that Neiman Marcus and its serial suitor, Hudson's Bay Co., would work something out this time around. But Hudson's Bay is also struggling and now Neiman Marcus is just crossing its fingers that offering more exclusives and personalized options can turn the tide -- based on arguments that commoditization is what's killing many other physical retailers. If Neiman Marcus cannot rebound, however, it could be devastating to already-struggling shopping malls where it is an anchor tenant.
- Key number: 4, which is the current streak of consecutive quarterly losses for Neiman Marcus.
Venture Capital Deals
Private Equity Deals
• Amazon (Nasdaq: AMZN) is in talks to acquire Indian online grocery site BigBasket, according to Bloomberg. Sellers would include Abraaj Group. https://bloom.bg/2swSkM7