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Neiman Marcus planning IPO in effort to raise $100 million

By Associated Press

POSTED:

Associated press / March 11, 2009Luxury retailer Neiman Marcus plans to raise up to $100 million from an initial public offering of its common stock, according to reports Monday. The Chicago skyline is reflected in the exterior of Neiman Marcus on Michigan Avenue in Chicago.

NEW YORK » Luxury retailer Neiman Marcus plans to raise up to $100 million by returning to the stock market with an initial public offering.

That amount is likely to change, though, as bankers gauge investor interest. The plan to go public, announced in a regulatory filing Monday, comes about eight years after private equity firms TPG Capital and Warburg Pincus bought Neiman Marcus for $5.1 billion.

Neiman Marcus has benefited from affluent shoppers who are willing to drop $1,000 for a pair of stilettos. During the recession, Neiman Marcus was not as hurt by the consumer spending pullback as other retailers, because the wealthy suffered less in the poor economy.

Still, the initial public offering comes at a time when the stock market, which influences luxury spending, has become volatile.

Neiman Marcus won't receive any proceeds from the offering. The Dallas company operates 41 Neiman Marcus stores, two Bergdorf Goodman locations and 35 discount shops under the Last Call brand. It also operates six Cusp stores, which cater to younger customers.

Dan Hess, CEO of Merchant Forecast, an independent research firm that monitors the retail sector, believes that an initial public offering would do well and that there's an investor appetite for luxury companies.

Neiman Marcus, founded in 1907 by Herbert Marcus Sr., his sister Carrie Marcus and her husband, A.L Neiman, has had a series of owners during its rich history.






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cojef wrote:
Upscale merchandise for the wealthy to which I got no business shopping there. However, spouse visited the store every other day for the 3 years, we lived in Houston, Texas. Our post office had a branch on the basement level of this shopping mall right below the anchor store, Neimam-Marcus. The basement level also had an ice skating rink where Olympic hopefuls practiced. We waited for the after-Xmas sales for bargained price merchandise, some exceeding 50% off.
on June 25,2013 | 08:23AM
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