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New York City An Icelandic investor who has expressed interest in buying Saks is unlikely to pursue a bid this year, according to The New York Post.

Jon Asgeir Johannesson, chairman of Baugur Group, a retail conglomerate based in Iceland, said last month he was "actively" interested in purchasing Saks.

However, killing the chances of a possible pursuit is a worse-than-expected quarterly loss at Saks, as consumer spending tightened.

The move is also a result of a difficult environment to raise acquisition financing at a cheap-enough price, the report said.