http://www.businessweek.com/news/2013-09-09/neiman-marcus-s-new-buyers-face-tough-luxury-retail-environment
Neiman Marcus Inc.’s new
private-equity owners are buying a luxury chain that’s in danger of running out
of room to expand in the U.S. as even well-heeled shoppers pull back.
Ares Management LLC and the Canada Pension Plan Investment Board agreed
today to buy the U.S. department store company from TPG Capital and Warburg
Pincus LLC for $6 billion.
While Neiman has recovered some of its luster in the past year, sales remain
below their 2008 peak. Many Americans are wary amid a weak economy and rather
than spending on apparel are upgrading their cars and buying home-related
merchandise as the U.S. housing recovery gathers momentum.
