Neiman Marcus Sells For $6 Billion

Share Button

 

Business sites buzzed over the weekend with news that Dallas-based Neiman Marcus, Inc. was close to selling itself to a couple of very high bidders. Just this morning the sale was confirmed, with WWD and Bloomberg reporting that Ares Management and the Canada Pension Plan Investment Board will soon to scoop up the luxury retailer for a cool $6 billion.

 

 

According to Bloomberg, the current owners of Neiman Marcus, Inc., TPG Capital and Warburg Pincus LLC, paid about $5.1 billion for the acquisition in 2005. The site also reports that Neiman’s revenue increased by 8.6% to $4.35 billion in the fiscal year that ended in July of 2012.

 

Neiman Marcus currently operates 41 eponymous stores, as well as additional doors under the Bergdorf Goodman and Last Call banners. Click here for the full story via Bloomberg.com.

 

 

 

 

Share Button