Neiman Marcus, saddled with debt and hit by the coronavirus pandemic, filed for bankruptcy on Thursday with a deal to hand its business over to its creditors.
The luxury department store chain had been struggling with competition from online rivals and dwindling cash before the outbreak. The health crisis exacerbated its problems, forcing it to furlough most of its 14,000 workers and close its 43 Neiman Marcus stores.
Neiman Marcus is so outrageously priced, I was looking for a black evening bag for a wedding and the CHEAPEST one they had was $900, crazy prices!
It is in talks to fund its business during the bankruptcy process.
One option is a $300 million to $500 million loan, which is far short of the $1 billion the company had hoped for.
The tractor CEO was a useless t–d. Took the money and ran. I hope Karma gets Hal
No another one doesn't bite the dust. Like J.Crew, Neiman's is reorganizing, not liquidating
Christ, so many people around here love to celebrate the misfortune of others. It's like the OP won't be happy until everyone else is a miserable as he/ she is.
Neiman Marcus said it has secured $675 million in financing from its creditors to fund operations through bankruptcy. Those creditors have also committed to a $750 million financing package that would fully refinance that financing and provide additional liquidity for the business once it exits bankruptcy.
It expects to emerge from bankruptcy this fall, at which point its creditors will become majority owners of the business.