It is official now!
The American fashion stalwart Neiman Marcus Group has finally emerged from Chapter 11 under new owners.
In a statement released to media, CEO Geoffroy van Raemdonck said that the new owners, which include PIMCO and Davidson Kempner Capital Management, understand the value of Neiman’s brands and the growth opportunities.
The CEO was also pleased about the new owners’ long-standing commitment to sustainability – something for which Neiman Marcus has always stood for.
After filing for bankruptcy back in May 2020, the retailer had hoped to exit bankruptcy by the end of September – and it’s happened.
Only last week, the court had approved the retailer’s plan to restructure in Chapter 11, which is expected to end Neiman’s debts of more than US $ 4 million.
Neiman’s Chapter 11 exit turns its control over lenders and calls for a US $ 750 million term loan along with its US $ 900 million asset-based loan (ABL).
The retailer added that with the existing ABL and exit financing, Neiman Marcus has strategic capital to support its business and transformation initiatives.
Known for its apparels and lingerie, Neiman Marcus will also be investing more to expand its digital business in the months to come.