The sale of Neiman Marcus has officially come to an end. The retailer closed out the final stages of a $6 billion purchase by Ares Management and Canadian Pension Plan Investment Board announced last month. As of today, Oct. 25, private equity firms TPG Capital and Warburg Pincus no longer have a stake in the company after buying the company for $5.1 billion in 2005 and taking it private.
In early September, the Dallas-based luxury chain, agreed to sell itself to Ares and the pension fund, which will have an equal economic interest in Neiman. Management at Neiman Marcus will retain a minority stake in the business. The transaction includes 41 Neiman Marcus stores, two New York City Bergdorf Goodman stores, and 36 discount Neiman Marcus outlets named Last Call.
For the first nine months ended April 27 of its fiscal year, Neiman Marcus had a year-over-year revenue gain of 3.8 percent to $.1 billion. Net earnings were $70.7 million, up 12.9 percent from $62.6 million from the previous year.
For more see:
-This Bloomberg article
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