The upscale department store chain Neiman Marcus is preparing to move its business forward in a big way. On Tuesday, the Dallas-based company said that it had registered with the Securities and Exchange Commission (SEC) for a proposed initial public offering.
Neiman Marcus says it hasn't determined yet how many shares it will offer or what the price range might look like. In addition to operating 41 locations around the country, the company also owns Bergdorf Goodman and the German luxury site MyTheresa, which it acquired last October.
Measured by sales, Neiman Marcus is still somewhat smaller than its competitors, having brought in $1.22 billion in revenue during the third quarter of the year, which wrapped up May 2. (By comparison, Nordstrom's sales hit $3.1 billion in the most recent quarter, and Hudson's Bay, the parent company of Saks Fifth Avenue, saw revenue of $2 billion CAD — about $1.6 billion USD.) Neiman also has a considerable amount of long-term debt: about $4.56 billion worth of it.
This isn't the first time Neiman Marcus has been here. Once a publicly held company, it sold to the private equity firms Texas Pacific Group and Warburg Pincus in 2005. Then in 2013, the retailer filed for a $100 million initial public offering, but wound up selling to Ares Management and Canada Pension Plan Investment Group for $6 billion instead. Let's see whether Neiman goes through with it this time around.