News Summary: Neiman Marcus plans IPO

News Summary: Upscale department store Neiman Marcus returning to the stock market with IPO

Associated Press

NEW YORK (AP) -- BACK TO THE STOCK MARKET: Luxury retailer Neiman Marcus plans to raise up to $100 million by returning to the market with an initial public offering of stock.

THE BACKGROUND: Private equity firms TPG Capital and Warburg Pincus took Neiman Marcus private for $5.1 billion about eight years ago.

PROCEEDS: The Dallas-based company says it won't receive any proceeds from the offering. Current stockholders will be selling shares.

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