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Neiman Marcus

Neiman Marcus is an upscale, specialty, retail department store, operated by the Neiman Marcus Group in the United States. The company is headquartered in Dallas, Texas, and competes with such establishments as Bloomingdale's, Nordstrom, and Saks Fifth Avenue. The Neiman Marcus Group also operates the exclusive Bergdorf Goodman specialty, retail department stores on Fifth Avenue in New York City and a direct marketing division, Neiman Marcus Direct, which operates catalogue and online operations under the "Horchow," "Neiman Marcus" and "Bergdorf Goodman" names.

Herbert Marcus, Sr., his sister Carrie Marcus Neiman and her husband, A. L. Neiman, came from Atlanta, Georgia with $25,000 to found the Neiman-Marcus retail establishment in Dallas, Texas, on September 10, 1907. Ironically, before the family members came to Dallas, they had an opportunity to invest in a new "sugary soda pop business" in Atlanta. The family decided to pass on investing in the business, which later became Coca-Cola. For this reason, early company CEO Stanley Marcus was quoted in 1957 as saying the company was "founded on bad business judgment."

In 1913, a fire destroyed the Neiman Marcus store and its merchandise. A temporary store was set up and opened in just 17 days. By 1914, Neiman Marcus reopened in its new, permanent location, on Main Street at Ervay Street. With the opening of this flagship store, Neiman Marcus increased its product selection to include accessories, lingerie and children's clothing, as well as expanding the women's apparel department. In 1929, it began offering menswear. The Main Street building, which many now call the 'original' Neiman Marcus, was given state historic landmark status by the Texas Historical Commission in 1982.

Over the last 20 years, ownership of Neiman Marcus has passed through several hands. In June 1987, the company was spun-off from its retail parent, Carter Hawley Hale Stores, and became a publicly listed company. General Cinema, later to become Harcourt General, still had a roughly 60% controlling interest until 1999, when Neiman Marcus was fully spun-off from its parent company. On May 2, 2005, Neiman Marcus Group was the subject of a leveraged buyout (LBO), selling itself to two private equity firms, Texas Pacific Group and Warburg Pincus.

In 1952, Stanley Marcus introduced a new tradition of having extravagant and unusual gifts in each year's Christmas catalogue; the idea was sparked when journalist Edward R. Murrow contacted Marcus to ask if the store would be offering anything unusual that might interest his radio listeners; Marcus invented on the spot an offering of a live Black Angus bull accompanied by a sterling silver barbecue cart, subsequently altering the catalog to include his new idea, priced at $1,925.

In the fall of 2004, Neiman Marcus launched a new store within a store concept, the showroom of Neiman Marcus. This new department is dedicated to selling the high-end furniture and home collections previously only available through Neiman Marcus companion catalogues, The Horchow Collection and NM by Mail. The six Neiman Marcus stores that house the collection are located in Plano-Dallas MSA (Willow Bend), San Francisco (Union Square), Scottsdale (Fashion Square), Chicago (Michigan Avenue), Oak Brook (Oakbrook Center) and Minneapolis (Nicollet Mall).

Source: Wikipedia - News Reports

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