Neiman Marcus Taps IPO Underwriter As Competition With Saks Heats Up

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Neiman Marcus is hiding and giving away 15 Nancy Gonzalez handbags at 15 of its 41 locations this Saturday. The hunt is from noon to 4 p.m.
A Neiman Marcus store.

Neiman Marcus chose underwriters for an upcoming initial public offering as the high-end department store competes with rival Saks Fifth Avenue, which was recently acquired for $2.9 billion.

The Dallas-based company, owned by private equity firms TPG and Warburg Pincus, chose Credit Suisse Group AG (NYSE:CS), Bank of America Corp (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM) to run the the IPO, Reuters reported. The moves come two days ahead of the monthly date the industry's companies report monthly sales.

All companies involved in bringing the store to the trading floor did not immediately respond to requests from International Business Times for comment.

The firm began filing paperwork for the IPO with the Securities and Exchange Commission last month. 

But Reuters said investors in Qatar were interested in buying Neiman's luxury off-shoot, Bergdorf Goodman, Inc. However, the company said it was not interested in selling off its so-called "crown jewel."

Neiman runs 41 stores under the flagship brand name, along with Bergdorf and lower-priced outlets like Last Call and CUSP.

Saks, one of its main competitors, was purchased by Canada's Hudson's Bay last week for $2.9 billion, including debt.

TPG and Warbug bought Neiman in 2005 for $5.1 billion.

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