Is Neiman Marcus Private Equity Owned?
Neiman Marcus
Includes Neiman's, NM
luxury department store · Dallas, TX
Ares Management, CDPQ
2021
“They stripped a billion in assets, bankrupted a 114-year-old luxury icon, and walked away with MyTheresa.”
What Happened
- •Ares and CPPIB saddled Neiman with $4.9B in debt from a $6B buyout in 2013 — the second time PE firms loaded up the company in under a decade
- •PE owners transferred ~$1B worth of MyTheresa assets out of Neiman Marcus to themselves, later sued for fraudulent conveyance
- •Filed Chapter 11 in May 2020; closed stores plus 17 of 22 Last Call outlets; furloughed ~14,000 employees
- •Suppliers and vendors owed $418 million got just 14 cents on the dollar back
The Damage Done
- ▸Seven full-line Neiman Marcus stores permanently closed during 2020 bankruptcy, including the brand-new Hudson Yards location in NYC that had opened barely a year earlier
- ▸Nearly all 22 Last Call off-price outlet stores closed permanently — shoppers who relied on the discount format lost their go-to option overnight
- ▸Almost all 14,000 employees were furloughed during bankruptcy, and many never returned — longtime personal shoppers and stylists who knew their clients' preferences were gone
- ▸Post-bankruptcy Neiman's merged with luxury rival Saks in 2025, raising questions about whether the brand that once defined American luxury retail will survive as anything more than a label
Sources
Also owned by Ares Management, CDPQ
More in Retail & Shopping
Get notified
Stay in the loop. No spam.
Frequently Asked Questions
Is Neiman Marcus owned by private equity?
Not anymore. Neiman Marcus was formerly owned by Ares Management, CDPQ starting in 2021, but the firm has since exited. The effects of PE ownership often linger.
What happened to Neiman Marcus after the acquisition?
Seven full-line Neiman Marcus stores permanently closed during 2020 bankruptcy, including the brand-new Hudson Yards location in NYC that had opened barely a year earlier Nearly all 22 Last Call off-price outlet stores closed permanently — shoppers who relied on the discount format lost their go-to option overnight
Who owns Neiman Marcus?
Neiman Marcus is owned by Ares Management, CDPQ, which acquired it in 2021.