Neiman Marcus scraps IPO

Neiman Marcus Group is not going public anytime soon.



In a filing on Friday, the luxury department store retailer said it would withdraw its initial public offering, having determined "that it is not in its best interests" to proceed with the initial public offering at the current time.



The news came amid a lackluster holiday season for both high-end and mid-range department store retailers. Neiman Marcus posted a wider loss for its first quarter, ended Oct. 28, 2016, with an 8% decrease in same-store sales.



Neiman Marcus filed with regulators to go public in August 2015, some two years after it purchased by Ares Management LLC and the Canada Pension Plan Investment Board in a $6 billion buyout. It delayed those plans later that same year.



Only three retail companies went public in the U.S. last year, according to a Bloomberg report, raising a combined $314 million. That compares with seven IPOs in 2015, which raised $1.2 billion, and 11 listings in 2014 for volume of $1.7 billion, the report said.