Dallas, As loyal customers breathed a collective sigh of relief, new owners of the Neiman Marcus Group announced that they would not “mess with” a good thing.
Private equity firms Texas Pacific Group of Fort Worth and New York-based Warburg Pincus purchased the company for $5.1 billion last May. Their announcement this morning returns Neiman Marcus to a privately held company.
The new owners get 35 namesake stores, two Bergdorf Goodman locations in New York, 14 clearance centers and the internet and catalog operations. President and CEO Burt Tansky will remain in place and has signed a new five-year contract.
Although Neiman’s was purchased by a newly created entity, Newton Acquisition Merger Sub, Inc., and its parent Newton Acquisition, Inc., that entity will go away and Neiman Marcus Group, Inc., will be the surviving corporate name.