American fashion retailer Neiman Marcus, together with A&G Real Estate Partners, aims to sell 4 store leases to raise funds.
Raising funds by marketing store leases is a part of retailer’s Chapter 11 proceedings, which it had filed 2 months ago.
So, which are these 4 Neiman Marcus stores?
These are Walnut Creek (California), Mazza Gallerie (Washington, DC), Palm Beach (Florida) and Shops at Bravern (Bellevue, Washington).
A&G has been marketing these locations as good not only for office space and building homes, but also for retail space.
Notably, the expiration date of leases ranges from 2026 for the Palm Beach and 2040 for Bellevue.
While speaking to media, Amber Seikaly, spokeswoman for the US fashion retailer, commented that Neiman Marcus will continue assessing store footprints to ensure it is optimal to increase sales and overall profit in addition to enhancing company’s omnichannel strategy.
The entire objective is to monetise the value of leases at the aforementioned locations, which could help the retailer make profits and also grow sustainably.
After the retailer had filed for bankruptcy in May, some of company’s largest creditors that had committed to fulfil US $ 675 million debtor-in-possession financing during the proceedings had also agreed to give a US $ 750 million exit financing package.