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Neiman Marcus files for IPO to repay debt

US luxury department store retailer Neiman Marcus has announced its intention to float in New York.

The business plans to use the $100m (£64.2m) raised to repay some of its $4.7bn (£3bn) debt.

Neiman Marcus was bought by Ares Management and the Canada Pension Plan Investment Board for $6bn (£3.9bn) in 2013. The two companies plan to retain majority control of the company after the listing.

Neiman Marcus bought German multibrand etailer MyTheresa.com in 2014 and owns 41 stores, as well as Bergdorf Goodman on Manhattan’s Fifth Avenue and 42 Last Call outlets.

Its sales increased by 5% to $1.2bn (£0.8bn) in the three months to May 2, compared with the same period last year, and it posted a profit of $19.8m (£12.7m) against a loss of $8m (£5.1m) for the same quarter in 2014.

@Tara_Hounslea

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