Nieman Marcus in Bankruptcy Proceedings

Neiman-Marcus-Visual

Neiman Marcus (Neiman Marcus Group) is the premier destination for luxury fashion and unparalleled service. For more than a century Neiman Marcus has transformed and elevated the shopping experience, becoming a leading purveyor of the world’s most unique luxury goods.

The luxury retailer Neiman Marcus began its long-anticipated bankruptcy proceedings due to the Covid-19 shutdown, and ‘filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas having lined up $675 million in debtor-in-possession financing and reaching a restructuring support agreement with a majority of its lenders’,” WWD announced. The company plans to eliminate $4 billion in debt in the bankruptcy process.

Prior to COVID-19, Neiman Marcus Group was making solid progress on our journey to long-term profitable and sustainable growth. We have grown our unrivaled luxury customer base, expanded our industry-leading customer relationships, achieved higher omni-channel penetration, and made meaningful strides in our transformation to become the preeminent luxury customer platform. However, like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business.

Geoffroy van Raemdonck, chairman and chief executive officer

The filing helps the company to lift its crushing debt load, which has been as issue that has loomed for years, but the road ahead through the COVID-19 crisis is still extremely uncertain for Neiman Marcus and the rest of retail.

After the pandemic is over, reopening stores will likely take time and resources to make sure it’s safe to shop at stores, while there are no guarantees that the costumers will come back when stores do open. Shoppers may feel hesitant from a health point of view, or they may have been negatively impacted financially, which will hurt the luxury retail segment first and foremost.

The Neiman Marcus Group runs 43 Neiman’s stores and two Bergdorf Goodman stores, as well as an online business that includes neimanmarcus.combergdorfgoodman.com, and the Mytheresa luxury web site.

 

 

 

 

Auteur: amr63

Yakymour, home of Begum Om Habibeh Aga Khan, thè place in the mid 50's 'till the late 80's, where fashion, art, beauty and love meet each other, from all over the world.... Playing as a child in the garden of Yakymour was a happy, innocent time, thanx to ‘Grandma’ Yaky and to Sadruddin, where I could be fully myself and forget ‘the bad things’, and get some strenght. The Last 30 years working as cosmetologist and as a make-up artist for television, theatre, film, fotoshoots, fashion shows, celebrities and individuals gave me a trunk full of experience. My work brought me all over the world and had photoshoot's on location in the Netherlands, Germany, Belgium, France, Jordan, Syria, Lebanon, India a.o. At this Blog you will find many reviews of cosmetics, fashion, art, and everything beautiful, as an ode to Begum Om Habibeh 'Yaky' Aga Khan, and named after the place where 'everything' was beautiful: Yakymour. You will find here all the in and outs about skincare, perfums, and make-up, the do's and don'ts, the why's and how's.... The stories behind, and some great interviews... So when you have any question.... please ask. Come on in.... feel yourself at home at Yakymour! Jean Amr P.S. My apologies for future grammatical errors. English is not my mother language :)

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