Owners of Neiman Marcus sell chain for $6 billion

Owners of Neiman Marcus sell chain for $6 billion

Credit: Getty Images

CHICAGO - MARCH 05: A bronze logo hangs on the side of a Neiman Marcus store on the Magnificent Mile March 5, 2009 in Chicago, Illinois. Neiman Marcus Group Inc., which operates Neiman Marcus, recently reported a 24 percent decline in sales. (Photo by Scott Olson/Getty Images)

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Associated Press

Posted on September 9, 2013 at 11:59 AM

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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