Neiman Leaves Bankruptcy With Less Debt to Face Retail’s Turmoil

Neiman Marcus has officially come out of bankruptcy, a process that left the upscale department store with a lighter debt load and new owners to confront the same industry trends that led to its financial woes.

The new Neiman Marcus Holding Company Inc. emerged from Chapter 11 bankruptcy protection Friday, saying it had eliminated more than $4 billion of existing debt. Also gone are the stakes once held by Ares Management Corp. and the Canadian Pension Plan Investment Board, who piled on debt as part of a 2013 leveraged buyout. The Dallas-based company is now owned owned by Pacific Investment ...