After years of searching for a buyer, Neiman Marcus owners agreed on Monday to sell the luxury retail giant for $6 billion. Ares Management and a Canadian pension plan will purchase Neiman Marcus in a deal expected to close in the fourth quarter.
Neiman Marcus owners had been searching for a buyer for some time, preparing to sell the retail chain ahead of a planned initial public offering later this year. The Dallas-based company not only controlled 41 department stores and its Last Call outlets, but also the beloved Bergdorf Goodman department store on Manhattan's Fifth Avenue. Originally a family business, Bergdorf's was sold in 1972 and was eventually spun off with Neiman Marcus and another retailer in what became Neiman Marcus Group. The retailer's current owners purchased the group in 2005 for $4.9 billion.
News of the sale came on the heels of another major retail purchase. Earlier this year, Saks was sold for $2.4 billion to Canadian-based Lord & Taylor owner, Hudson's Bay.