Wednesday, September 11, 2013

Fashion News Flash: Neiman Marcus Is Sold for $6 Billion

The owners of the Neiman Marcus luxury retail chain agreed on Monday to sell it to a group led by Ares Management and a Canadian pension plan in a deal worth $6 billion.

Neiman Marcus operates 79 stores across the country.
                               Rick Wilking/Reuters
The owners, a group of private equity investors led by TPG and Warburg Pincus, had been searching for a buyer for Neiman ahead of a planned initial public offering later in the year. If they had not found a buyer willing to pay the desired $6 billion, they were prepared to go ahead with the public offering, people briefed on the deal said.

The deal is the latest transaction in the luxury department store sector. Earlier this year, Hudson Bay, the largest Canadian department store, paid $2.4 billion for Saks, a competitor to Neiman.

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