US luxury retailer Neiman Marcus bought for $7.6 billion
NEW YORK CITY (AFP) - United States luxury retailer Neiman Marcus was bought on Monday by two investment funds for US$6 billion (S$7.6 billion), the buyers announced.
Ares management, a Los Angeles-based private investment fund, and the Canadian government's Canada Pension Plan said they had set a firm deal to take over the department store chain from a group of investors led by TPG and Warburg Pincus.
Some of the purchase price will go towards paying off some existing Neiman Marcus debt.
Dallas, Texas-based Neiman Marcus, known for decades for its high-end products and opulent, millionaires-only Christmas offerings, includes 41 of its nameplate stores, two Bergdorf Goodman stores in New York City, and 36 outlet centres under the Last Call Brand.