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UPDATE 1-Upscale Retailer Neiman Marcus Withdraws IPO

Friday, 06 Jan 2017 02:42 PM

(Adds industry background, company details)

By Lauren Hirsch and Siddharth Cavale

Jan 6 (Reuters) - Neiman Marcus Group LLC said on Friday it would withdraw its initial public offering, nearly two years after the upscale department store chain filed with regulators to go public.

The company's formal withdrawal reflects the challenges facing the high-end retailer, as the broader industry struggles under the weight of competitive pressure from off-price retailers and online companies such as Amzazon.com Inc.

Neiman Marcus declined to comment on the reason for pulling the offering.

The Dallas-based company filed with regulators to go public in August 2015. Amid market jitters, it decided to delay those plans later that year, Reuters had reported in October.

Neiman Marcus, which also operates the Bergdorf Goodman and MyTheresa brands, was acquired by private equity firm Ares Management LP and Canada Pension Plan Investment Board three years ago for $6 billion. (Reporting by Siddharth Cavale in Bengaluru and Lauren Hirsch in New York; Editing by Saumyadeb Chakrabarty and Matthew Lewis)

© 2017 Thomson/Reuters. All rights reserved.

 
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