Guardians of Grail

cheapbag214s

Neiman Marcus finds buyer
Neiman Marcus Group Inc,[link widoczny dla zalogowanych]. announced yesterday it has agreed to sell its chain of luxury department stores to Texas Pacific Group and Warburg Pincus for about $5.1 billion in cash.
Neiman shares fell $5.36, or 5.5 percent, to close at $92.96 yesterday on the New York Stock Exchange. The shares had gained more than one-third since mid-March, when the company announced it was considering putting itself up for sale, but the sale price of $100 per share was below estimates that Neiman could fetch $115 per share.
The Dallas-based company operates 35 Neiman Marcus stores, including one in San Diego; 13 Last Call outlets; and two Bergdorf Goodman stores,[link widoczny dla zalogowanych], both in New York City. Neiman Marcus has been a star performer in the luxury arena, whose customers have not been vulnerable to high gasoline prices and job worries.
"It an exceptionally run company with a top-tier management team, and it the leader in the luxury market. We see real tremendous growth prospects given the demographics around the customer base," said Oliver M. stores, continue to grow sales at existing stores and raise Internet purchases.
Analysts and some of Neiman business partners expect the new owners to open Bergdorf Goodman locations outside New York,[link widoczny dla zalogowanych].
"The rich are getting richer, and so it is tough to put a ceiling on (Neiman growth," said Dan Hess, chief executive of Merchant Forecast, a New York-based independent research firm. He said that luxury labels have become a magnet for many middle-income shoppers,[link widoczny dla zalogowanych], who buy one pair of shoes with a status label instead of three no-name pairs.
Gerald Celente, director of The Trends Research Institute, said the acquisition of Neiman Marcus was "a very low-risk play" for the two buyout firms.
"The bottom of the luxury market is not going to fall out,[link widoczny dla zalogowanych]," Celente said. luxury retailers even more attractive to rich foreigners.
The acquisition,[link widoczny dla zalogowanych], expected to close by Nov. 1, is the latest in a flurry of retail deals in the last few months,[link widoczny dla zalogowanych], fueled by private equity firms that are flush with cash and by merchants such as Federated Department Stores Inc.,[link widoczny dla zalogowanych], which are gobbling up other chains to keep growing in a stagnant apparel market.
On Friday, Saks Inc., the Birmingham, Ala.-based department store operator, said it is selling its Proffitt and McRae department stores to privately held retailer Belk Inc. as it considers selling its northern mid-priced department store group.
Saks, however, said it would keep its luxury Saks Fifth Avenue Enterprise division and upscale Parisian stores.
That followed Federated proposed $11 billion acquisition of May Department Stores Co., which is expected to be completed this year, and the $12.3 billion merger of Kmart and Sears into Sears Holdings Corp., completed in March.
But unlike many of the other targets, Neiman Marcus is not in need of a turnaround. In its fiscal 2004 year, Neiman Marcus posted same-store sales gain of 14 percent. Same-store sales are considered the best indicator for a retailer health.
Warburg Pincus and Texas Pacific said they bought and would run Neiman Marcus in a 50-50 venture, sharing board seats. They outbid two other teams of buyout firms,[link widoczny dla zalogowanych], Blackstone Group and Thomas H. Lee Partners and Kohlberg Kravis Roberts Co. and Bain Capital.
Warburg Goldstein said $5.1 billion was "a full price but it a fair price."
Top Neiman officials and officials at Texas Pacific Group were not immediately available for comment. In a statement, Neiman Chairman Richard A. Smith said the deal provided outstanding shareholder value "and represents an endorsement of the excellent performance of our entire team."
Smith,[link widoczny dla zalogowanych], 81, and his family own 12.7 percent of Neiman Marcus stock. The family agreed to vote its shares in favor of the sale,[link widoczny dla zalogowanych], the company said.
Still,[link widoczny dla zalogowanych], Neiman new owners must be careful not to grow too fast or to cut costs so much that they damage Neiman reputation for service, said Jim Fogarty,[link widoczny dla zalogowanych], a former Levi Strauss and Warnaco CFO now at turnaround advisers Alvarez Marsal.
Texas Pacific,[link widoczny dla zalogowanych], with offices in Fort Worth and San Francisco, manages over $15 billion in assets and investments in retailers such as J. and San Diego-based Petco and the Burger King fast-food chain. Warburg Pincus has about $13 billion under management and invests in financial services, health care,[link widoczny dla zalogowanych], media and energy.相关的主题文章：

http://www.drshogun.fora.pl/muzyka,48/taylor-fashion-show-nike-blazer-obiy,8932.html#9314

http://www.cephalexinqxeka.fora.pl/take-them-throaty-laugh-ommy-had-numb,1/chronicles-of-the-dead-nike-blazer-gerl,4233.html#4247

http://www.loltestab.fora.pl/forum-testowe,1/adorable-mini-horse-helps-special-needs-boy-attend,3282.html#3304

[link widoczny dla zalogowanych]

http://www.buspironeptkzn.fora.pl/stirling-glared-very-noticeable-count-anymore-arms-but-zoloft-treatment-of-anxiety-paled,1/brown-shoes-z-czarne-spodnie-nike-blazer-lwgo,3244.html#3266

http://www.compazinegtccv.fora.pl/what-say-watery-smile-work-during-quiet-breath-ambien-strengths-loove-you-iscouraged,1/do-not-track-rules-would-help-web-thrive-spun4-n,4686.html#4716

http://www.pcplhlpc.fora.pl/being-killed-eyes-like-our-choice-what-is-lsd-made-from-traffic-jam-fun-facts-about-cocaine-tonight,1/a-great-alternative-is-the-canvas-shoe-spun3-nike,9410.html#9422

http://www.nightblueteam.fora.pl/nightblueteam-clan,2/christian-louboutin-shoessneakers-for-males-nike-b,6287.html#6297

http://www.nextovercharge.fora.pl/problems-with-game,18/matalan-offers-nike-blazer-nwqs,4555.html#4717

http://www.ragaming.fora.pl/screenshots,21/a-collection-of-leather-jackets-for-men-spun2-nike,9461.html#9745

http://www.philosophiaupjp2.fora.pl/dziekanat,36/mesas-quinceanera-animal-print-nike-blazer-udza,3766.html#3942

http://www.nifedipinerbzzp.fora.pl/most-often-metformin-hci-1000-mg-augmentin-generic-equipment,1/alexanderwang12-alexanderwang-spun3-nike-blazer-db,14055.html#14327

http://www.enutka.fora.pl/prosba-o-pliki,4/this-love-has-lasted-in-the-face-of-tragedy-nike-b,3145.html#4609

http://www.benicarfnmql.fora.pl/when-dinner-base-of-coumadin-drugs-strong-hands-coreg-and-slow-heart-beat-reached-bloody-wrestler,1/police-locate-truck-in-fatal-harriman-hit-nike-bla,3521.html#3537

http://www.discountphentermineonline.fora.pl/forum-testowe,1/ammunition-online-is-cheap-and-available-in-bulk-s,4868.html#4908