Neiman Marcus Group
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.”
For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BAsda and Deliverect Deepen Partnership to Power Rapid Delivery Across Asda Express
SQUATWOLF’s Kuwait Flagship Store Anchors Its Regional Growth Ambitions
Global beauty icon Ulta Beauty to make Riyadh debut at Panorama Mall
/ 
For decades, Haldiram’s built deep recall across the UAE through its packaged
When House of Habanero opened its first physical location at Alserkal Avenue
Union Coop has completed a significant expansion of its Hatta Souq branch,
Saudi Arabia is set to welcome U.S. food exporters this week, as
Majid Al Futtaim has officially entered the discount retail segment with the
As convenience increasingly becomes currency in the region’s grocery landscape, Union Coop
As wellness becomes a lifestyle in the UAE, the grocery aisle is
Grandiose, one of the leading grocery retailers in the UAE with a
With shifting consumer behaviour, rising cost pressures, regulatory changes, and rapid digitization,
Union Coop’s blend of retail expansion, digital innovation, and community focus is
Abu Dhabi-based MAIR Group has marked a pivotal stage in its transformation
In a move that blurs the line between shopping and investing, Apparel
/ 
Why cinemas, wellness sanctuaries and cultural districts are becoming emotional infrastructure for
In a retail landscape dominated by shelves stacked with finished products, Oo
Pure Gold Jewellers, one of the region’s leading jewellery retail brands, today
Ulta Beauty’s arrival in the Middle East is not simply another international
European denim powerhouse JACK & JONES is making a decisive return to
From bullion to boutiques, investment to immersion, Dubai Gold District marks a
The opening of New Balance’s first-ever Grey store in the Middle East
LOJEL, the global brand celebrated for its design-forward luggage and everyday carry
As lives accelerate and time fragments, shoppers no longer separate “eating” from
As youth culture reshapes the global retail playbook, Majid Al Futtaim is
Previous Article
