Business and Industry

Neiman Marcus Being Sold to Canadians for $6 Billion

IPO plans scrapped


Luxury retailer Neiman Marcus is being sold by its private equity owners to Canadian buyers for $6 billion.

TPG and Warburg Pincus are selling the department store chain to Canadian private equity firm Ares Management and Canada Pension Plan Investment Group (CPPIB) the firms said today.

At $6 billion the sale is a win for its owners who bought it in 2005 for $4.9 billion. Earlier this summer TPG and Warburg were considering an IPO and even filed an S-1 with the SEC for a $100 million offering.