Luxury retailer Neiman Marcus is being sold for six-billion dollars.
Ares Management LLC and the Canada Pension Plan Investment Board announced the purchase today, saying they plan on investing "meaningful capital" into Neiman Marcus to make sure it will stay as the leader in luxury retail.
Neiman's management is going to keep a small stake in the company. All sides hope to finalize the purchase by the end of the fourth quarter. If the deal hadn't been reached, Neiman could have gone public.