Neiman Marcus Sold For $6 Billion

The Neiman Marcus sale comes on the heels of another major retail purchase.

Most Popular
Advertisement - Continue Reading Below

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.

Most Popular

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.

Fashion
Share
Here's Every Single Angle of Taylor Swift's *Fascinating* Met Gala Dress
​The co-chair is turning heads with this short silver number.​
Fashion
Share
The Best Instagrams from the 2016 Met Gala
From behind the scenes to red carpet shots.​
GIF
Fashion
Share
The Ultimate Packing Guide for Your Next Girls' Getaway
Cute luggage? Check. Dance-all-night-shoes? Check check.​
Created for Canvas by Lands' End
GIF
Fashion
Share
Your Exclusive First Look at Target and Who What Wear's Chicest Collection Yet
Necessary summer wardrobe upgrades.
Fashion
Share
In Which Kim Kardashian Makes a Solid Case for Denim Heels
All jean everything, please.​
Street Style
Share
Taylor Swift Continues Her Edgy Style Streak in Her Most Punk-Inspired Look Yet
The boots seal the deal.
Fashion
Share
QUIZ: See if You Can Tell Which Shoe Is the Expensive One
​​Carrie Bradshaw would slay this quiz.​
Fashion
Share
QUIZ: See if You Can Tell Which Bag Is the Expensive One
Beauty is in the eye of the beholder, but cheap is still cheap.​
Fashion
Share
14 Road Trip Essentials to Pack Before You Hit the Gas
For a foolproof vacation. *crosses fingers*​
GIF
Fashion
Share
Quiz: What New Swimsuit Should You Buy This Summer?
All of them. Just all of them.​