Upscale department store retailer Neiman Marcus has requested to withdraw its initial public offering.

In a statement on Friday (6 January), the retail group said it has "determined that it is not in its best interests to proceed with the initial public offering."

The statement adds Neiman Marcus requests all fees paid to the Securities and Exchange Commission in connection with the filing be credited for future use.

The company filed plans for an IPO with US regulators in August 2015 but later delayed the move. Cash raised from the stock sale would have gone to pay down its debt.

Neiman Marcus files plans for IPO

In June of last year, the retailer denied it was on the lookout for a buyer or investor following reports the group's chief executive had held a number of meetings with potential acquirers.

Neiman Marcus denies reports it is looking for buyer
 

In its latest quarter, the company more than doubled its losses on lower sales due to weak customer traffic. Net losses reached US$23.5m, while sales fell 7.4% to $1.16bn.

Neiman Marcus Q1 losses more than double