The fabled Neiman-Marcus name will be attached to the specialty retail company being spun off by Carter Hawley Hale Stores this summer.
The decision to capitalize on one of the best-known names in retailing was disclosed Friday at the annual meeting of General Cinema shareholders in Boston by Richard A. Smith, chairman and chief executive of the movie theater operator and beverage bottler.
General Cinema, which took a large stake in Carter Hawley nearly three years ago to rescue it from a hostile takeover effort by the Limited, will gain control of the specialty store company as part of a restructuring announced by Los Angeles-based Carter Hawley last December.
Shares of the new company, to be known as Neiman-Marcus Group, will probably start trading on the New York Stock Exchange by midsummer, Smith said. It will include Neiman-Marcus, Contempo Casuals and the single Bergdorf Goodman store on Fifth Avenue in New York.