Neiman Marcus Sells for $6 Billion

Going, going, GONE! Neiman Marcus, which has been on the auction block, so to speak, for a few months now, just sold for $6 billion, according to WWD.
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Going, going, GONE! Neiman Marcus, which has been on the auction block, so to speak, for a few months now, just sold for $6 billion, according to WWD.
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Going, going, GONE! Neiman Marcus, which has been on the auction block, so to speak, for a few months now, just sold for $6 billion, according to WWD.

The retailer's new owners are Ares Management and the Canada Pension Plan Investment Board, which will each own an equal stake in the company. According to Bloomberg, management will retain a minority stake. The deal marks the end of nearly eight years of control by Warburg Pincus and TPG Capital, which bought the retailer (which also operates Bergdorf Goodman) in 2005 for $5.1 billion.

Bloomberg speculates that the sale, "probably ends prospects for a Neiman initial public offering."

It's also interesting to note that this is the second sale of a major luxury department store this summer--and both times Canadian companies were involved. This July, Hudson Bay Company acquired Saks Fifth Avenue for $2.4 billion in cash. Which kind of seems like a steal right about now.