Neiman Marcus Reneges on IPO
Neiman Marcus has decided not to go forward with a plan filed in August 2015 for an initial public offering of stock. The Dallas-based luxury retailer pulled its registration statement Friday that it had filed with the Securities and Exchange Commission. The company said in the latest filing that it "has determined that it is not in its best interests to proceed with the initial public offering contemplated by the registration statement at this time."
Total Retail's Take: This news isn't surprising as IPOs are usually filed by financially healthy companies, and Neiman Marcus’ earnings have been less than stellar as of late. Since its 2015 IPO filing, for example, the luxury retailer has reported five straight quarters of declining comparable sales, including an 8 percent drop last quarter. That downward trend apparently had Neiman Marcus rethinking its IPO decision.