Welcome

Neiman Marcus Sees Luxury Customers Returning After Bankruptcy

May 7, 2020, 8:48 PM

Neiman Marcus Group doesn’t see itself as a department store, and after its bankruptcy restructuring, its chief executive officer says its balance sheet won’t look like a department store’s either.

The luxury retailer listed debt obligations of about $5.5 billion in its Chapter 11 filing on Thursday. The company’s debt ballooned after a 2013 leveraged buyout by its current private equity owners. Its bankruptcy plan would slash that amount by around $4 billion, leaving room for future investments.

After a court-supervised restructuring, the company “won’t have the balance sheet of a department store and won’t look like a department store,” ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.