US luxury retailer Neiman Marcus aims to raise up to $100m as it takes up a delayed IPO.
Neiman Marcus’ IPO was pushed back when the recession hit but now the retailer is issuing stock to the public. The amount is likely to rise as its private equity owners TPG Capital and Warburg Pincus, which owns Poundland in the UK, decide whether they want to sell out entirely or do it in stages.
Neiman Marcus didn’t reveal how many shares would be offered or what the projected price range would be. It also didn’t disclose what exchange it expects to list the stock on.
The business was founded in Dallas in 1907. It operates 41 Neiman Marcus stores, two Bergdorf Goodman shops, 28 Last Call clearance centres, seven Last Call Studio stores and six Cusp shops.
The founding family sold the company in the 1980s.
Last year the retailer generated net income of $140.1m and revenue of $4.35bn.
During the recession Neiman Marcus was not as hurt by the consumer spending pullback as other retailers, because its upscale shoppers suffered less in the poor economy, according to USA Today.