How do you separate a department store chain from its debt? Hudson’s Bay is trying to find out.

The owner of Saks Fifth Avenue and Lord and Taylor is in talks to buy Neiman Marcus Group, The Wall Street Journal reported Tuesday. Hudson’s Bay wants to buy Neiman’s assets, but not the retailer’s $5 billion in debt. Hudson’s Bay’s own debt already stands at a hefty 5.6 times estimates for its fiscal 2017 earnings before interest, taxes, depreciation and amortization. The company declined to comment on the deal but said it looks for opportunities to grow “while maintaining or enhancing its credit profile.”

The unconventional arrangement may seem like a relatively low-risk proposition for Hudson’s Bay, but Neiman’s bondholders aren’t likely to love it. The company, which was purchased by its current private-equity owners for $6 billion, including debt, in 2013.

Last fall, Neiman’s lenders allowed it to extend the maturity on its credit line from 2018 to 2021, buying it some time. The company scrapped its plans to go public in January.

For bondholders, the deal may be the best payoff they can hope for. Neiman’s bonds have fallen more than 11% this year and yield more than 10%, according to FactSet.