Luxury department store chain Neiman Marcus Group Inc. and Canadian retail giant Hudson's Bay Co. are no longer actively working on a possible merger, The Wall Street Journal reported June 9, citing sources familiar with the matter.

The companies have been unable to reach a consensus on price, one of the sources said, adding that the talks could resume.

The WSJ reported that Neiman Marcus has been struggling with a $5 billion debt due to declining sales in recent years. Following the company's March 14 statement that it hired financial advisers to explore strategic alternatives, including a potential sale or debt restructuring, the WSJ reported that Neiman Marcus was in talks to sell itself to Hudson's Bay, again citing sources familiar with the situation.

Meanwhile, S&P Global Market Intelligence reported in March that Hudson's Bay, which is also reportedly engaged in talks to acquire Macy's Inc., may also be interested in buying Neiman Marcus as part of its expansion plans, citing sources close to the companies.