Neiman Marcus plans to raise up to $100M in IPO
Source: AP-Excite
By ANNE D'INNOCENZIO and MICHELLE CHAPMAN
NEW YORK (AP) - 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.
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Read more: http://apnews.excite.com/article/20130624/DA748FH80.html
In this Wednesday, March 11, 2009 file photo, the Chicago skyline is reflected in the exterior of Neiman Marcus on Michigan Avenue in Chicago. Luxury retailer Neiman Marcus plans to raise up to $100 million from an initial public offering of its common stock, according to reports, Monday, June 24, 2013. (AP Photo/M. Spencer Green, File)
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