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Neiman Marcus Withdraws Long-Delayed IPO
The retailer pulled the initial public offer filing it made in August 2015, stating that it is “not in its best interests to proceed” at this time.
Luxury retailer Neiman Marcus has requested to withdraw the initial public offering it filed in August 2015. Pictured here is the Dallas-based retailer’s store in San Francisco.
Dallas--Luxury retailer Neiman Marcus has requested to withdraw its initial public offering from the U.S. Securities and Exchange Commission.
In a statement released Friday, the company said it has determined that it is “not in its best interests to proceed with the initial public offering” at this time.
Initially filed in August 2015, the IPO was delayed two months later until 2016 amid stock market volatility.
Neiman Marcus also has been struggling with sales, recording its fifth consecutive quarter of decline in December when it reported its fiscal first quarter results. Comps fell 8 percent year-over-year and revenue was down from $1.16 billion to $1.08 billion.
Ares Management LLC and Canada Pension Plan Investment Board acquired Neiman Marcus in October 2013 from private equity firms TPG and Warburg Pincus for $6 billion.
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