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Banking Neiman Marcus withdraws IPO registration filed in August 2015

Neiman Marcus withdraws IPO registration filed in August 2015

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Neiman Marcus Group filed to withdraw its registration statement for an initial offering, 17 months after filing to go public.

“The company has determined that it is not in its best interests to proceed with the initial public offering” at this time, according to a filing Friday with the Securities and Exchange Commission.

Last month, the luxury department-store chain reported plummeting sales and a wider loss for its fiscal first quarter, suggesting that a downturn among upscale chains was hitting Neiman Marcus particularly hard. Same-store sales, a closely watched benchmark, fell 8 percent in the three months ended Oct. 28, the company said in a statement at the time.

Neiman Marcus, based in Dallas, filed a prospectus in August 2015, two years after a $6 billion buyout led by Ares Management and the Canada Pension Plan Investment Board.

The retailer previously filed to go public in June 2013, before owners TPG and Warburg Pincus sold it to Ares and CPPIB.


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