The Finch Formerly Known As Gold

2 May 2005

It wasn't even in the catalog

Two buyout firms — Texas Pacific Group and Warburg Pincus LLC — will acquire the Dallas-based Neiman Marcus department-store chain for $100 a share, about $5.1 billion.

Neiman operates 37 full-line stores, 35 under its own name; the firm also owns two Bergdorf Goodman stores in New York (who knew Bergdorf's was still around?), the Last Call clearance outlets, and mail-order house The Horchow Collection.

The success of Neiman Marcus, say analysts, is due to its continued emphasis on high-end products: there is no push to expand to the "near-luxury" market. Neiman's average customer is a woman 45 to 65 with a median annual income of $285,000.

Neiman Marcus operates (of course) zero stores in Oklahoma.

Posted at 7:32 AM to Common Cents