Own a Piece of the Store
Sale of the century: Neiman Marcus plans stock offering of up to $100 million
Before long, you can own a piece of Neiman Marcus. The luxury retailer, which is currently owned by private equity firms TPG Capital and Warburg Pincus LLC, filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock.
The number of shares to be offered and the price range for the proposed offering have not yet been determined, the retailer said in a release issued Monday morning. Reuters reports the IPO is up to $100 million.
The Dallas-based chain operates 41 Neiman Marcus stores, including Houston, Dallas, Fort Worth and Austin locations; Bergdorf Goodman in New York; a chain of lower-priced outlet stores called Neiman Marcus Last Call and Neiman Marcus Last Call Studio; and online operations under the Neiman Marcus, Horchow, Last Call and Bergdorf Goodman brand names.
Founded in 1907 by Herbert Marcus, Carrie Marcus Neiman and Abraham Lincoln Neiman, the store pioneered the merchandising of luxury goods under the supervision of Herbert Marcus' son, Stanley, who first joined the store in 1926.
In 1969, the company was sold to Carter Hawley Hale Stores, but Stanley Marcus stayed on with a free hand in running the business. In 1972, he was succeeded as president by his son, Richard, and became board chairman and later chairman of the executive committee.
Stanley Marcus died in 2002 at age 96.
In 1987, the retailer became a publicly listed company under General Cinema, later to become Harcourt General. It was purchased for $5.1 billion in a leveraged buyout by two equity firms in 2005 and became a privately held company.