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Neiman Marcus Vows to Emerge “Far Stronger” from Chapter 11
In the third notable retail bankruptcy this week, Neiman Marcus Group, headquartered in Dallas, said Thursday it filed for Chapter 11 protection. The retailer secured debtor-in-possession financing of $675 million.
“Prior to COVID-19, Neiman Marcus Group was making solid progress on our journey to long-term profitable and sustainable growth,” said CEO Geoffroy van Raemdonck. “However, like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business.”
He added, “The binding agreement from our creditors gives us additional liquidity to operate the business during the pandemic, and the financial flexibility to accelerate our transformation. We will emerge a far stronger company.”
While several of its stores remain temporarily closed through May 31, the Neiman Marcus in Atlanta and at NorthPark Mall in Dallas are open by appointment, and a total of 10 stores nationwide are open for curbside pickup.
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- ◦Financing
