9/23/2014

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Business

Owners of Neiman Marcus sell chain for $6 billion

Owners of Neiman Marcus sell chain for $6 billion
The Chicago skyline is reflected in the exterior of Neiman Marcus on Michigan Avenue in Chicago.
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NEW YORK (AP) — Ares Management and a Canadian Pension said on Monday that they are buying the luxury chain Neiman Marcus for $6 billion.

The deal, which is expected to be finalized in the fourth quarter, would end control of the luxury retailer by private equity firms TPG Capital and Warburg Pincus. The equity firms bought the company for $5.1 billion in 2005.

In June, the equity firms filed a plan for Neiman Marcus to go public.

Neiman Marcus, based in Dallas, operates 79 stores.
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