Deals
Neiman Marcus Scraps IPO, Withdrawing August 2015 Filing
Neiman Marcus department store in Short Hills, New Jersey.
Photographer: Craig Warga/BloombergThis article is for subscribers only.
Luxury retailer Neiman Marcus Group abandoned its plans to go public, the latest sign of department-store woes.
Just days after Macy’s Inc. and Kohl’s Corp. both reported slow sales and cut their forecasts, Neiman Marcus said it’s “not in its best interests to proceed with the initial public offering” at this time, according to a filing Friday. Macy’s, the largest department-store company, also pushed ahead with a plan this week to shutter 100 stores and eliminate a total of about 10,000 jobs.