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Facebook Looks To Take Over Bankrupt Neiman Marcus' Retail Space At Hudson Yards: Report

Neer Varshney

Facebook Inc. (NASDAQ: FB) is in discussions to take over luxury fashion retailer Neiman Marcus' space at Manhattan's Hudson Yards, according to a Women's Wear Daily report Sunday.

What Happened

Ares Management Corp. (NYSE: ARES) co-owned Neiman Marcus filed for a Chapter 11 bankruptcy in early May and can back out of its lease for the 188,000 square-foot store without any penalties.

"Neiman's wants out. Hudson Yards wants them out. They are figuring out an exit agreement," one of the people familiar with the matter told Women's Wear Daily."

Facebook had signed an agreement in November last year to lease more than 1.5 million square feet of space across 30 floors in three buildings. About 265,000 square feet of this leased space is in the same building as the Neiman Marcus retail outlet, the Women's Wear Daily noted.

Price Action

Facebook shares closed 1.2% higher at $238.79 on Friday. The shares traded nearly 0.8% lower in the after-hours session at $237.

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