Neiman withdraws IPO amid retail slump

Retail’s slump claimed more victims on Friday, including Neiman Marcus, the luxury department store, which withdrew its initial public offering.

The Dallas-based company filed for an IPO 15 months ago, but its business has struggled mightily since that time.

Neiman has posted five consecutive quarters of same-store sales de- clines, including an 8 percent drop in its most recent three-month period.

“The company has determined that it is not in its best interests to proceed” with the IPO, it said in a regulatory filing.

Chief Executive Karen Katz, in a recent conference call, said the chain has struggled recently with the added handicap of a poorly executed merchandising system that cost Neiman $35 million in lost sales.

It’s also been hurt in its home state, where many of its wealthy customers’ fortunes have declined along with the slide in oil prices. Separately:

JCPenney reported lackluster results for the holiday shopping season, with same-store sales off 0.8 percent.

“Weakness in women`s apparel continued to impact our performance, JCPenney CEO and Chairman Marvin Ellison said.

The Limited, owned by Sun Capital Partners, announced that it has closed all of its 250 stores — although it said it will continue to operate its ecommerce business.

The Gap seems to be turning a corner in its long struggle. Its holiday sales were better than expected with Old Navy posting a 12 percent rise in same-store sales; Gap stores were up 1 percent. Even its worst performer, Banana Republic, improved from double-digit declines to just a 7 percent slide.