Cleary Gottlieb is acting as counsel to Neiman Marcus, TPG Capital and Warburg Pincus in the sale of Neiman Marcus to Ares Management and the Canada Pension Plan Investment Board for approximately $6 billion. The transaction is expected to close in the fourth quarter of 2013, subject to regulatory approvals and other customary closing conditions.
Based in Dallas, Texas, Neiman Marcus is one of the largest U.S. luxury retailers, operating 41 Neiman Marcus stores, two Bergdorf Goodman locations in Manhattan and 33 Last Call outlet centers. Its online retailing division operates under the Neiman Marcus, Bergdorf Goodman, Last Call and Horchow brand names.