Looking to invest in a fancy department store? Well, you're in luck, because Neiman Marcus might be on the block soon.
TPG Capital and Warburg Pincus LLC, the two private equity firms which have owned the luxury retailer since 2005, are looking to either sell the company or hold an initial public offering (IPO), according to Bloomberg.
The firms bought Neiman for a cool $5.1 billion back in 2005, with the intention of selling it after five years, according to the Wall Street Journal. Well, that's about the time the recession hit, so the firms have had to hold on to Neiman for longer than they had originally intended.
Now, however, there may be some movement. A source told Bloomberg that the firms were close to hiring Credit Suisse Group AG to look into a potential sale or IPO; the owners may be looking to score $8 billion dollars on the sale. (In case you're wondering, that gets you about 40 Neiman Marcus stores, two Bergdorfs and presumably the continued services of Ken Downing and Linda Fargo.)
Analysts have been predicting that the retailer was getting set for such a sale. It recently purchased a stake in a Chinese fashion website, and the high-profile (if not wholly successful) collaboration with Target over the holidays was meant to bring attention to the retailer's potential.