Breaking: Neiman Marcus to be sold for $6 billion

Neiman Marcus Group is going to be sold for a pretty penny.

According to WWD, "Ares Management and the Canada Pension Plan Investment Board inked a $6 billion deal to buy the luxe retailer from TPG and Warburg Pincus."

This news comes after extensive talks as of late, which were believed could either wrap up quickly or subsequently break up. In previous weeks, it was thought that the owners were closer to a public IPO because a deal wasn't clearly in production, but it looks like it's come through.

TPG and Warburg Pincus purchased Neiman Marcus in 2005 for a $5.1 billion deal. (WWD)

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