Neiman Marcus files for bankruptcy on Thursday, the second major retailer this week, as the industry buckles under widespread store closures.
The Dallas-based chain filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. It has secured $675 million in financing to get it through its reorganization.
The luxury store chain, which operates 43 Neiman Marcus stores, 22 Last Call stores and two Bergdorf Goodman stores, has been burdened with nearly $5 billion in debt in part due to two leveraged buyouts in less than 10 years. Leading up to the pandemic, the company saw sales and revenue tumble as competition increased for its luxury consumer base. Neiman Marcusa loss of $31.2 million in July, compared with a net loss of $19.9 million the previous year.
Market conditions have been brutal for the retail industry over the last several weeks. Like other retailers, Neiman Marcus stores have been closed since mid-March as state governors issued stay-at-home orders to stem infections. The company furloughed almost all of its 14,000 employees on March 30. Stores will be temporarily closed through May 31, the company said.“We will emerge a far stronger company,” said van Raemdonck.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Luxury retailer Neiman Marcus files for bankruptcy as it struggles with debt and coronavirus falloutNeiman Marcus' borrowings total about $4.8 billion, some of which remains from a $6 billion leveraged buyout in 2013 by its owners, private-equity firm Ares Management Corp and Canada Pension Plan Investment Board.
Lire la suite »
Neiman Marcus Files for BankruptcyThe luxury retailer has filed for Chapter 11 protection, in a sign of more trouble ahead for an industry overwhelmed by the pandemic.
Lire la suite »
Neiman Marcus files for Chapter 11 bankruptcy protectionNEW YORK (AP) — Neiman Marcus, the 112-year-old storied luxury department store chain, has filed for Chapter 11 bankruptcy protection, the first department store chain to be toppled by the...
Lire la suite »
Neiman Marcus files for bankruptcyNeiman Marcus has filed for bankruptcy as the coronavirus pandemic continues to batter the retail industry
Lire la suite »
Neiman Marcus, the Retailer to the Rich, Stumbles Into BankruptcyNeiman Marcus Group Inc. filed for chapter 11 bankruptcy protection in Texas, becoming the latest large retailer to seek a court restructuring during the coronavirus pandemic that has closed much of the U.S. economy.
Lire la suite »