The decline of the American Department Store has been well documented, but the start of 2017 seemed to edge some of America’s biggest players one step closer to a final reckoning.

On January 6, the Neiman Marcus Group, currently owned by asset management firm Ares and the Canada Pension Plan Investment Board, withdrew its initial public offering a year and a half after filing with regulators.

The company had filed an IPO in August 2015 with the intention of raising money to pay off its long-term debts, which, at the end of its 2016 fiscal year, stood at nearly $4.6 billion, with total long-term liabilities amounting to $6.5 billion. But as revenues decreased and earnings continued to shrink — with a total comprehensive loss of $470 million in 2016 and just $62 million at the bottom of its cash-flow balance sheet — these hopes were quashed.