Department store seeks to purchase the U.S. retailer without assuming the company’s debt.

Canadian department store Hudson’s Bay is currently in discussions to acquire the U.S. luxury retailer Neiman Marcus, according to The Wall Street Journal.

Furthermore, Neiman Marcus has hired financial advisers to explore strategic alternatives, including a potential sale or debt restricting; however, the retailer has not disclosed whether it is in talks with any potential buyers.

Citing sources familiar with the matter, The Wall Street Journal also reported Hudson’s Bay is seeking a transaction that would give it control without assuming the company’s debt.

Neiman Marcus currently operates about 40 namesake stores in the U.S. as well as two Bergdorf Goodman stores in New York City and 42 Last Call discount stores. The retailer is owned by private-equity frim Ares Management and the Canada Pension Plan Investment Board, which bought the company in 2013 for $6 billion including debt. According to The Wall Street Journal, investors pulled plans for an initial public offering in January.

Earlier this year, Hudson’s Bay was exploring the acquisition of the U.S. department store chain Macy’s.