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Neiman Marcus Emerges from Bankruptcy

Its restructuring plan eliminated more than $4 billion of debt and $200 million of annual interest expense.

A Neiman Marcus at Oak Brook Center | Source: Getty Images

By

Reuters

25 September 2020

NEW YORK, United States — Neiman Marcus Holding Co said on Friday it has completed its Chapter 11 bankruptcy protection process, emerging from one of the highest-profile retail collapses during the COVID-19 pandemic.

Its restructuring plan eliminated more than $4 billion of debt and $200 million of annual interest expense.

The luxury department store chain said it had a new board of directors, including former LVMH North America Chairman Pauline Brown and former eBay Chief Strategy Officer Kris Miller.

Geoffroy van Raemdonck will continue to serve as chief executive officer of Neiman Marcus Group, which had filed for bankruptcy protection in May.

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The 113-year-old company's new owners, which include PIMCO, Davidson Kempner Capital Management and Sixth Street Partners LLC are funding a $750 million exit financing package that fully refinances its debtor-in-possession loan.

By Uday Sampath; Editor: Shinjini Ganguli, Maju Samuel

In This Article

Topics

Retail

People

Geoffroy van Raemdonck

Organisations

Location

New York, United States

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