The positive news comes as the retailer has struggled since filing for Chapter 11 bankruptcy in May.
Neiman Marcus is an American chain of luxury department stores that has been a part of America’s retail scene since its inception over 113 years ago. Like many other retailers, Neiman Marcus felt the struggles of the effects of the Coronavirus pandemic and as such filed for Chapter 11 bankruptcy in May. At the time of the bankruptcy filing, the company was struggling with approximately $5bn in debt.
The new owners of Neiman Marcus include PIMCO, Davidson Kempner Capital Management and Sixth Street and the plans that have emerged from the purchase see that these new owners are funding a $750M exit financing package.
Geoffroy van Raemdonck, Chief Executive Officer of Neiman Marcus commented: “While the unprecedented business disruption caused by Covid-19 has presented many challenges, it has also give us the opportunity to reimagine our platform and improve our business. We emerge from Chapter 11 as a stronger, more innovative retailer, brand partner and employer.”
