Luxury retail chain Neiman Marcus was just sold to a group led by Ares Management, the owners of 99¢ Only Stores, and by the Canada Pension Investment Board for $US6 billion.
That’s a billion dollars more than what current private equity owners TPG Capital, Warburg Pincus and Leonard Green Partners, paid for it in 2005 just before the start of the Great Recession.
The new owners would get 41 Neiman Marcus stores as well as swanky retailer Bergdorf Goodman and some lower-price chains.
Watch the report below for more details.
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