Starboard Value LP, the activist hedge fund that had pressured Macy's Inc to separate its real estate from its retail business, has sold its stake in the U.S. department store operator, sources said on Wednesday.
Neiman Marcus posted a net loss of $117.1 million in the second quarter and a loss of $140.6 million for first half of its fiscal year. The retailer is reportedly exploring a sale or debt restructuring.
Luxury fashion retailer Neiman Marcus Group Ltd LLC said on Tuesday it was exploring strategic alternatives, including a sale of the company, just two months after pulling a planned IPO. And Hudson's Bay wants to buy it.