By SAHAR DIKA, Arts and Entertainment Editor 

Neiman Marcus has been sold for $6 billion dollars to the leaders of Ares Management and a Canadian pension plan. The department store has been looking for a buyer for quite some time and was even prepared to go ahead with a public offering if they had not found a buyer.

With the rise of online shopping, department stores such as Neiman Marcus and Sak’s Fifth Avenue have been struggling. Earlier this year, Hudson Bay purchased Sak’s for $2.4 billion.

Neiman’s sale was the largest to ever be made in the history of department store sales. “I have great confidence that our customers, associates and vendor partners will share my enthusiasm that our new investors will help us pursue a business dedicated to luxury and fashion, attentive service and innovative marketing,” says Karen Katz, the Chief Executive of Neiman’s.