August 17, 2005
Neiman Marcus Group Inc. shareholders approved the $5.1-billion sale of the luxury retailer to buyout firms Texas Pacific Group and Warburg Pincus, which plan to expand the company as demand for designer goods surges.
May 2, 2005 |
Luxury retailer Neiman Marcus Group Inc. has neared an agreement to be acquired by two private equity firms for about $5 billion, sources familiar with the situation said Sunday. Buyout firms Texas Pacific Group and Warburg Pincus won the auction with a bid that valued the Dallas-based department store chain at about $100 a share, sources said. The other bidders included the team of Bain Capital and Kohlberg Kravis Roberts & Co., and a group that included the Blackstone Group and Thomas H.
April 30, 2005 |
Neiman Marcus Group Inc. got bids from three buyout groups by its deadline, people familiar with matter said. Neiman Marcus received offers from three investment groups: Blackstone Group and Thomas H. Lee Partners; Kohlberg Kravis Roberts & Co. and Bain Capital; and Texas Pacific Group and Warburg Pincus, people involved with all of the groups said. The board of Dallas-based Neiman Marcus will meet over the weekend to consider the offers.
March 17, 2005 |
Capitalizing on a white-hot luxury market, Neiman Marcus -- the department store chain whose name is synonymous with status shopping -- said Wednesday that it might put itself up for sale. Neiman Marcus Group Inc. said that it was "exploring various strategic alternatives to enhance shareholder value," including selling itself, but that it might end up doing nothing. The retailer's stock jumped on the news, as investors considered the prospect of a bidding war for the firm.
December 1, 2004 |
A Neiman Marcus department store will be added to Westfield Shoppingtown Topanga as part of a $300-million upgrade of the Canoga Park mall, the owners announced Tuesday. The store will be 120,000 square feet, according to Westfield Group, a Sydney, Australia-based company that owns 26 malls in California. It will be the fourth Neiman Marcus store in Southern California and the 36th in the country for the Dallas-based fashion specialty retailer.
June 3, 2004 |
Upscale department-store retailer Neiman Marcus Group Inc. said fiscal third-quarter profit rose 67% as sales registered their biggest gain in almost eight years and the company controlled costs. Net income rose to $68.8 million, or $1.40 a share, meeting expectations, from $41.1 million, or 87 cents, a year earlier. Sales rose 21% to $878 million, the Dallas-based company said. Chief Executive Burton Tansky is selling more goods at full price and reducing inventory.