Retail Industry
Industry: Email Alert RSS FeedEXPANSION COULD PAY NEIMAN'S BILL; TEXAS PACIFIC GROUP AND WARBURG PINCUS MAKE DEAL TO BUY 37-UNIT CHAIN FOR $5.1 BILLION.
Daily News Record, May, 2005
Byline: David Moin, Vicki M. Young
NEW YORK -- The pressure is sure to be on at Neiman Marcus.
The high price to be paid by Texas Pacific Group and Warburg Pincus LLC -- $100 a share in cash, or about $5.1 billion -- to acquire the upscale, Dallas-based chain will undoubtedly cause the new owners to grow the business fast to service the debt load and get a sufficient return.
Elevating same-store gains will be challenging, considering they are already at double-digit levels, so developing new formats for growth, such as store prototypes, could be on the horizon.
Last Monday, Neiman's announced a definitive agreement to be sold to the two private-equity firms. The Neiman Marcus Group Inc., which was officially put up for sale in...
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