Neiman Marcus Hitting the Stock Market
That’s right. According to Market Watch, the luxury department store recently filed registration papers for an initial public offering. If all goes as planned, the IPO will raise an additional $100 million. For whom you ask?
Find out who would get the dough after the break.
Neimans says it won’t see a red cent of the cash because its the shareholders who are selling the stocks. We’re not sure if we completely believe that. The company was bought for $5.1 billion in 2005 private equity owners TPG and Warburg Pincus . The two firms planned to sell the company in 2010, but the recession (that’s apparently ending) fucked that up. Now that they are basically selling portions of their $5.1 billion investment they want us to believe they aren’t trying to recover any cash? Yeah right.