The return of retail LBOs
Leveraged buyouts in the retail sector are flavor of the month, with three big deals in the pipeline. Steven Miller looks back to the last wave of retail deals in the late 1980s for clues as to how the current crop may fare
For the first time in a long while, big department store deals now comprise a major part of the leveraged buyout (LBO) calendar, with buyouts for Toys “R” Us ($5.7 billion), Neiman Marcus ($5.1 billion) and Shopko Stores ($1 billion) in the offing. Together, these deals will surely place retailing among the busiest sectors in the LBO market in 2005, after a lengthy absence.
Indeed, from 1996 through the first quarter of 2005, retail ranked twelfth among industry sectors, with 3.7% of all LBO
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