Luxury, multi-branded, omnichannel fashion retailer Neiman Marcus Group emerges stronger from Chapter 11. The Chapter 11 of the US Bankruptcy Code permits reorganisation under the bankruptcy laws of the country.
“While the unprecedented business disruption caused by COVID-19 has presented many challenges, it has also given 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,” stated Geoffroy van Raemdonck, CEO, Neiman Marcus Group.
The Neiman Marcus Group has emerged from voluntary Chapter 11 protection, successfully completing its restructuring process and implementing the Plan of Reorganization that was confirmed by the US Bankruptcy Court for the Southern District of Texas, Houston Division on September 4, 2020. The Company emerges with the full support of its creditors and new equity shareholders, now operating with a strengthened capital structure that eliminated more than $4 billion of existing debt and more than $200 million of cash interest expense annually, with no near-term maturities.
“With the successful implementation of our restructuring, Neiman Marcus and Bergdorf Goodman will continue to be the preeminent luxury shopping destinations for years to come,” Raemdonck stated.
As Neiman Marcus Group emerges stronger from the Chapter 11 process, Raemdonck added, “Our new owners, which include PIMCO, Davidson Kempner Capital Management and Sixth Street, understand the value of our brands and the opportunity for growth. They are also strongly committed to supporting our company on sustainability issues – where we intend to be a leader within the industry. At the conclusion of this process, I remain profoundly impressed by the strength of Neiman Marcus and Bergdorf Goodman, the commitment of our associates, the unwavering support of our brand partners and the loyalty of our customers.”
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