The Neiman Marcus Group reached an agreement to sell the company for $6 billion to two investment groups on Monday, reports NPR.
The buyers, Ares Management LLC and the Canadian Pension Plan Investment Board, will own equal shares of stock in the Dallas, Texas-based high-end department store. The NM Group's brands include Neman Marcus, Bergdorf Goodman, Last Call, and Horchow brands.
The firm is among the largest U.S. retailers, owing 41 Neiman Marcus locations, two Bergdorf Goodman stores, and 36 Last Call outlet centers.
News of the deal broke via a news release by the Canadian Pension Plan Investment Board.
"On behalf of the entire management team, we are delighted to be joining with Ares and CPPIB to continue enhancing our strong brands by offering our customers the best edited merchandise assortments as well as delivering a superlative omni-channel shopping experience. For the past eight years, TPG and Warburg Pincus have been valued partners whose investment has supported our growth and strengthened our brands," said Karen Katz, President and Chief Executive Officer of Neiman Marcus Group.