Sunday, July 27, 2014         

 Print   Email   Comment | View 1 Comments   Most Popular   Save   Post   Retweet

Neiman Marcus planning IPO in effort to raise $100 million

By Associated Press


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.

 Print   Email   Comment | View 1 Comments   Most Popular   Save   Post   Retweet

You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
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
Latest News/Updates
Political Radar
On policy

Warrior Beat
Apple fallout

Wassup Wit Dat!
Can You Spock ‘Em?

Warrior Beat
Meal plan

Volley Shots
Fey, Enriques on MJNT

Political Radar
Wilhelmina Rise, et al.

Court Sense
Cold War