American luxury specialty department store chain Neiman Marcus is put up for sale by its private equity owners TPG Capital and Warburg Pincus.

The sale is expected to fetch the owners an amount of $8bn.

A person familiar with the developments was quoted by Bloomberg as saying that the equity firms are seeking banks to advice the chain in selecting ideal strategic option.

The companies have not yet decided whether it will pursue a sale, stock offering or recapitalization.

They are likely to appoint Credit Suisse Group to run the dual-track process, the person said.

The sale of the company is said to be the owners’ strategy to leverage on chain’s increased in-store and online sales.

Warburg Pincus is currently seeking funds of $12bn to finance its anonymous buyout deal.

TPG Capital and Warburg Pincus bought Neiman Marcus in 2005 through a cash and debt deal for $5.1bn.

At that time, the investors planned to sell the retailer after five years, however uncertain economic conditions delayed the sale.

The companies are said to turn to dividend recapitalization, if sale or initial public offerings do not pan out.

The retailer currently operates 40 namesake department stores and two Bergdorf Goodman stores in New York, alongside e-Commerce website.

For the fiscal quarter ended 26 January 2013, Neiman Marcus generated revenues of $1.36bn with $40.4m in profits.

By late January, it held total liabilities of about $4.4bn, including about $2.7bn of long-term debt, and shareholder equity of about $718m.